MI Community Receives $11M Refi
- Aug 24, 2018
Cohen Financial has secured a $10.6 million HUD 223(f) 35-year, fixed loan with a low interest rate to refinance 254-unit Timberwood Crossing in Portage, Mich. Cathy Bronkema, managing director in the company’s Grand Rapids office, represented locally-based owner Trillium Investments. The loan will refinance the original short-term First National Bank of America loan that Cohen Financial secured for the acquisition of the property back in 2016. According to Yardi Matrix data, Trillium purchased the asset using a $7.1 million loan.
Located at 6285 Ivywood Drive, Timberwood Crossing is adjacent to retail, dining and entertainment venues, including Southland Mall and The Crossroads shopping center. Portage Creek Bicentennial Park is within 2 miles and nearby Interstate 94 provides easy access to neighboring towns. Completed in two phases in 1973 and 1975, the asset’s studio, one- and two-bedroom units average 670 square feet and are spread across 21 buildings. Amenities include a waterscape, tennis court, playground, laundry facilities and 348 parking spaces.
“We arranged this HUD 223(f) loan with SunTrust to take out the acquisition loan and to execute Trillium Investments unique, value-add strategy to increase Timberwood Crossing’s position in this Michigan submarket. It’s important to note that HUD rates remain at historical lows,” Bronkema said, in a prepared statement.
Image courtesy of Yardi Matrix
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