Cape Sierra Capital Acquires Michigan Asset

Greystone provided $14.9 million in bridge financing for the acquisition.

Lynden Parke Apartments

Lynden Parke Apartments

Cape Sierra Capital has acquired Lynden Parke Apartments, a 154-unit, garden-style community in Ypsilanti, Mich. Greystone provided $14.9 million in bridge financing for the purchase. The interest-only, 24-month loan comes with a 12-month extension option and will also fund capital improvements at the property.

Yardi Matrix shows the seller was Peak Capital Partners. The former owner had picked up the asset back in 2019 with the help of a $9.3 million loan from CBRE Capital Markets, which carries a 2029 maturity date.

Built in 2002, Lynden Parke comprises a mix of studio, one- and two-bedroom floorplans averaging 764 square feet, according to Yardi Matrix. Common-area amenities at the pet-friendly property include a clubhouse, a business center, a fitness center, a game room, as well as outdoor green spaces, barbecue and picnic areas.

Located at 2224 Golfside Road, the 9.6-acre property is less than 4 miles from downtown Ypsilanti and some 5 miles northwest of downtown Ann Arbor. The community is also close to the Radrick Farms Golf Course, while an array of retail, dining and entertainment options are available at Briarwood Mall.

Greystone Director Reuben Dolny and Managing Director Jason Yuen worked on the financing origination on behalf of Cape Sierra Capital. Earlier this month, the firm provided a $22.6 million loan for the refinancing of another Michigan community.

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