Following the arrangement of a $8.5 million acquisition loan for Geller Associates, Hunt Real Estate Capital has secured a $15.5 million Fannie Mae loan to refinance Campus Creek Cottages, a 368-bed student housing community in Big Rapids, Mich. The company worked on behalf of the borrower, GFJ BR Cottages LLC, which developed the property.
Located at 14135 Bulldog Lane, Campus Creek Cottages serves students attending Ferris State University, situated about half a mile away. The property features 92 four-bedroom units across 46 two-story buildings.
The community consists of two phases: Phase I includes 66 units and was built in 2017 and Phase II features 26 units and is scheduled to open in August 2019. Common-area amenities include:
- business center
- 24-hour fitness center
- tanning bed
- gas fire pit
- outdoor lounge area
- basketball court
- volleyball court
Campus Creek Cottages shares its common-area amenities with Campus Creek Townhomes, situated adjacent to the property. The community is currently undergoing renovations that include an upgraded hammock park, dog park, outdoor lounge with gas fire grill and picnic area and a tennis court.
“The property is 100 percent occupied and leased-up quickly, spurring the planned future phase. In addition, the property is already significantly preleased for the 2019-2020 school year. This property is certainly in high demand,” said Dan Eibler, director at Hunt Real Estate Capital, in a prepared statement.
Grand Rapids-based Greemann Capital’s Ben Greemann was the mortgage banker in the transaction.
Image via Google Maps