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Home | Terrace Capital, Inc. Announces- $13.50MM Non-Recourse Multifamily Loan- Western Michigan Apartments - Kalamazoo & Kent County, MI. |
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Terrace Capital, Inc. Announces- $13.50MM Non-Recourse Multifamily Loan- Western Michigan Apartments - Kalamazoo & Kent County, MI.
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- June 30, 2013
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The proceeds of this $13.50MM, 75% loan-to-value mortgage was used by the borrower, Hughes Equities, LLC, for the repayment of existing floating rate debt, attempting to head off a rise in long term interest rates.
Western Michigan Apartments, a 711 unit portfolio, comprised of 6 residential complexes, is located in Kentwood, Wyoming & Kalamazoo, Michigan. An underwriter from Terrace commented that the properties are in excellent locations in the two largest MSAs in West Michigan; Grand Rapids and Kalamazoo w...
- Read more at:http://www.1888pressrelease.com/terrace-capital-inc-announces-13-50mm-non-recourse-multi-pr-478729.html
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