Millennia Cos. Obtains $30M Refi for Michigan Portfolio
JLL Capital Markets secured the loan through Citigroup Inc.
The Millennia Cos. has received $30 million for the refinancing of two Michigan properties totaling 559 units. JLL Capital Markets secured the loan through Citigroup Inc.
The portfolio includes Davis Creek Apartments, a 407-unit multifamily community in Portage, Mich., and Canterbury East, a 152-unit property in Mt. Pleasant, Mich.
Millennia Housing Cos. acquired Davis Creek over a decade ago from Lakeshore Management for $10.2 million, Yardi Matrix data shows. The community became subject to a $17.8 million CMBS loan originated by Berkadia Commercial Mortgage, with Citibank as the lender.
Millennia purchased Canterbury East back in 2005 for $2.3 million, according to the same source. Yardi Matrix data also indicates that in 2016, the property became subject to a $6.8 million Fannie Mae loan.
Senior Director Jillian Mariutti and Director Alex Staikos led JLL Capital Markets’ Debt Advisory team working on behalf of the borrower.
A closer look at the portfolio
Completed in 1969, Davis Creek Apartments underwent a renovation in 2013. The community comprises 24 one- and two-story buildings with 33 studio apartments, 276 one-bedroom and 98 two-bedroom units ranging between 399 and 731 square feet. Amenities include picnic and grilling areas, enclosed dog parks, walking trails, laundry facilities and approximately 600 parking spaces.
Located at 5419 Meredith St., Davis Creek Apartments is within an Opportunity Zone in the Grand Rapids market. The community is near Interstate 94, which provides direct access to downtown Detroit.
Canterbury East came online in 1979, encompassing 10 buildings on a 13-acre site. The community incorporates 82 one-bedroom and 70 two-bedroom apartments ranging from 722 to 942 square feet. Common-area amenities include a swimming pool, a fitness center, a community room, basketball courts, outside storage, laundry facilities and parking spaces.
Located at 1517 Canterbury Trail, the community is within the Central Michigan University submarket. Canterbury East’s location provides access to the 1,000 acres of parkland and approximately 18 preserves within Mt. Pleasant.
