Detroit-Area Community Lands $87M Refi
The new mortgage, held by PGIM Real Estate Finance, pays down a previous $70 million CMBS loan on the 667-unit property.
Beztak Properties has secured an $87 million loan from PGIM Real Estate Finance on Aldingbrooke, a 667-unit garden-style community in the Detroit area. The new mortgage retires a prior, $70 million CMBS loan originated in 2011, according to Yardi Matrix.
PGIM recently originated a $75 million Fannie Mae loan for an 826-unit multifamily acquisition in Nashville, Tenn.
Built between 1974 and 2001 in four phases, the asset is located at 6350 Aldingbrooke Circle Road in West Bloomfield, Mich. The garden-style community comprises 78 two- and three-story buildings set on 99.5 acres. A small shopping center is situated just north of the property’s entrance, and the Henry Ford Hospital is 1 mile to the south.
Aldingbrooke contains a mix of one-, two- and three-bedroom units, with floorplans ranging in size from 1,000 to 2,800 square feet. Community amenities include a swimming pool, a fitness center, a business center and a tennis court. In August, the property was 95.7 percent occupied, per Yardi Matrix data.
Image courtesy of Yardi Matrix