Oak Park, Mich.—Bernard Financial Group has closed a $12.8 million loan for Lincoln Towers Apartments, a 480-unit mid-rise apartment in Oak Park, Mich., a suburb of Detroit.
The property includes studios and one- and two-bedroom units, and common amenities include a fitness center, outdoor pool, Internet cafe, on-site convenience store, beauty salon, storage, lobby attendant, and a community room. Lincoln Towers is walking distance from grocery stores and other retail stores, and close to the Southfield Library and Civic Center.
Though not dedicated student housing, the property is about three miles from Oakland Community College and Lawrence Technological Institute. Just off of I -696, Lincoln Towers is also conveniently located for students attending Wayne State University and the University of Detroit Mercy.
The borrowing entity is Lincoln Towers Apartments LP. The loan was originated by Bernard Financial Group’s Dennis Bernard and Kevin Kovachevich.
Bernard Financial Group of Southfield, Mich., is a CMBS firm. Bernard Financial Servicing Group, a mortgage banking firm representing several life insurance companies and conduits in Michigan, will provide full servicing for the loan.