Hunt Real Estate Capital provided a $7.5 million, 10-year Fannie Mae loan for a three-property multifamily portfolio in Detroit. Hibbard Tower, The Kean Building and Trombley Lodge are three iconic buildings completed between 1926 and 1931 which house a total of 131 units.
According to Crain’s Detroit, the assets, which Triton Properties bought in 2013, went on auction at the end of 2016 and were purchased in 2017. Public records data showed that the new owner, East Jefferson LLC, acquired the properties via a $4 million loan with Urban Partnership Bank.
Hibbard Tower is a nine-story development located at 8905 E. Jefferson Ave., within a short distance from the Detroit River. The property, which was added to the National Register of Historic Places in 1985, provides 44 units and ground-floor retail space. Adjacent to it is The Kean Building, a 15-story Art-Deco tower encompassing 49 units. Designed by Charles Noble in 1931, The Kean also became a historic landmark in 1985. Trombley Lodge is located in the rear of the other two, at 1050 Hibbard St. and encompasses 38 units.
The owners have invested $1.6 million in upgrading the three buildings since 2017. Renovations included façade work, commercial build out, elevator, boiler and roof repairs as well as unit improvements. The new loan, which was secured a few days after Hunt Real Estate arranged a $33 million financing for Mayflower Apartments in Virginia Beach, Va., will be used for implementing green upgrades.