Arbor Refinances Michigan Student Housing Community
Glenwood Apartments in East Lansing, Mich., obtained a fixed-rate loan with a 35-year term. The owner, DTN Management, purchased the student housing community in 2006.
Glenwood Apartments
Arbor Realty Trust originated a $13 million FHA 223(f) refinancing loan for Glenwood Apartments, a student housing community in East Lansing, Mich. Michael Jehle, a vice president with Arbor’s Oklahoma office, arranged the fixed-rate, 35-year term credit facility. The deal comes a few weeks after Arbor Realty announced securing a $20.8 million loan for a 520-unit Texas community.
DTN Management acquired the 138-unit community in 2006 for $5.4 million, according to Yardi Matrix data. The current loan follows another one issued in 2012 by Arbor Commercial Funding for the property.
Glenwood Apartments is located at 4632 S. Hagadorn Road, near Michigan State University, Lansing Community College East and Hannah Plaza. It was completed in 1969 and features two-, three- and four-bedroom units ranging in size from 625 to 1,500 square feet. The community has been boasting full occupancy for several years in a row.
The property consists of five buildings and includes amenities such as a fitness center, swimming pool and clubhouse. Units feature private balconies or patios, microwave ovens and washer/dryers.
Image courtesy of Yardi Matrix
