Finance V Michigan

Pillar closes $8 million worth of loans for Michigan apartment communities

lakeshore-hilltop
Lakeshore Hilltop Apartments

Pillar recently originated loans totaling $8.072 million for two multi-family properties in Michigan. David Wilkins, vice president of Pillar in the Bloomfield Hills, Mich., office, originated both loans.

Pillar recently originated loans totaling $8.072 million for two multi-family properties in Michigan. David Wilkins, vice president of Pillar in the Bloomfield Hills, Mich., office, originated both loans.

Pillar secured a $5.872 million HUD 223(f) refinancing for Homestead Apartments in East Lansing, Mich., using HUD’s interest rate reduction program. The property is located near Michigan State University and Interstate-127.

Prior to this transaction, Wilkins originated the acquisition loan for Homestead Apartments with HUD in May of 2010 for Maple Grove Property Management. Homestead Apartments is made up of 168 one- and two-bedroom apartment units with assigned covered parking. The property is fully leased at market rates.

Wilkins also originated a $2.2 million non-recourse, long-term fixed-rate CMBS loan through Pillar’s Small Balance Loan program to refinance the Lakeshore Hilltop Apartments for Fountainhead Properties.

The property is located in White Lake, Mich., on M-59. It features 60 fully-renovated units, many with a view of the lake.