Michigan Apartment Portfolio

Overview

Deal Type Freddie Mac
Size $50.6 Million
Acquisition

Summary

KeyBank has provided a $50.6 million Freddie Mac loan to Pepper Pike Capital for the acquisition financing of two apartment projects in Michigan – Oak Park Manor Apartments and Stephenson House Apartments. The five-year loan, inclusive of extension options, is interest only for the full term and will give the sponsor the time and resources to execute on their business plan. The sponsor plans to implement extensive renovations to the interior and exterior of the properties shorty after acquisition. The improvements will modernize the assets and improve the overall experience at the properties. Pepper Pike Capital has a long track record of acquiring and improving apartment projects.

Oak Park Manor Apartments is located in Oak Park, MI, within a one-mile radius from the city’s central business district (CBD) and 16 miles from downtown Detroit. The 298-unit property offers a wide range of apartment mixes featuring one, two, and three bedrooms with up to two bathrooms.

Centrally located in Madison Heights, MI, Stephenson House Apartments is two miles from the city’s CBD and 18 miles from downtown Detroit. The building houses 128 units with a majority of one- and two-bedroom apartments.

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