An insurance company provided a $13.5-million, 10-year mortgage on 505 University Ave. The 128-unit Embassy Apartments was financed at 80% loan-to-value, with pricing of the 10-year mortgage pegged to 10-year US Treasury rates.
The terms were similar for a $6.15-million loan for a 79-unit project at 8501 Old Sauk Rd.. The finance company that provided the funds wrote the 10-year, non-recourse mortgage at 80% loan-to-value with pricing based on the 10-year US Treasury rate.
A $5.7-million loan for a 115-unit property at 202 Junction Rd. was arranged at 75% loan-to-value. The terms were similar to the larger deals.
The 60-unit Seminole Creek Apartments on Mickelson Parkway was financed at 70% loan-to-value. The $2.6-million mortgage also was priced at 10-year US Treasury rates.
An hour's drive to the east, Cohen Financial also arranged financing for the sale of a 24-unit building at 915 N. 15th St. for nearly $2.4 million. The property is near the Marquette University campus.
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