Finance V Michigan

SunTrust provides $16 million bridge loan for Michigan apartment community

SunTrust provides $16 million bridge loan for Michigan apartment community,ph01

Evan Hom, managing director in SunTrust CRE’s New York office, originated a $16.35 million 24-month, floating rate with interest-only bridge loan for the acquisition of Hoover Square in Warren, Michigan, the largest suburb of Detroit.

The 342-unit multifamily property features one- and two-bedroom apartments.

SunTrust CRE originated the bridge loan for a Michigan-based borrower that owns and operates properties across the Midwest and Southeast. The market-rate Class-B property was well-leased at the time the deal closed, Nov. 26.