Multifamily V Michigan

CBRE closes $15 million of loans for Michigan multifamily properties

CBRE closes $15 million of loans for Michigan multifamily properties,ph01
Ravines of Plymouth

CBRE provided two Fannie Mae DUS conventional loans in the amount of $15.957 million to finance the acquisition of two multifamily properties in Michigan. The loans were obtained by Michael Duggan, Brian Robertson, and Sam Orman of CBRE Capital Markets’ Debt & Structured Finance Team and David Carey of Emerald Isle Investment Partners on behalf of their client, VennPoint Real Estate.

Blue Herron Pointe is a 64-unit, nine building property located at 6244 Trumpeter Lane in Washtenaw County, Michigan. The Ravines of Plymouth apartments are a 54-unit, five building property located at Woodridge Circle Plymouth Twp. in Wayne County, Michigan.

Both loans are fixed for 10 years and are interest-only over the full term of the loan.

VennPoint Real Estate is a Chicago-based company that focuses on the development, redevelopment, and acquisition of properties, with projects in multiple states across the country.