MI Community Receives $14M Loan

The 88-unit Gateway at Belknap Apartments in Grand Rapids, Mich. received a Fannie Mae DUS Loan funded by Arbor Realty Trust.
The Gateway at Belknap Apartments

DTN Management has received a $14 million Fannie Mae DUS Loan funded by Arbor Realty Trust for an 88-unit mixed-use community in Grand Rapids, Mich. Michael Jehle of Arbor’s Oklahoma office originated the loan.

The community, located at 513 Clancy Ave. NE, is situated in downtown Grand Rapids near several universities and hospitals and is in close proximity to Interstate 196 and Highway 131. Built in 2017, Gateway at Belknap offers a mix of studio, one- and two-bedroom units as well as ground-floor retail.

Community amenities include underground parking, an elevator, 24-hour fitness center and electronic keyed entry.

“This repeat customer of Arbor came to us after stabilization of the property for permanent financing,” said Jehle, in prepared remarks. “We were pleased to provide a very attractive 15-year fixed rate loan with three years of interest only and a 30-year amortization schedule, exactly as the customer had requested. The Greater Grand Rapids Metropolitan Area is experiencing strong economic growth and development, and the subject property will enjoy high demand for many years in the future.”

In November 2018, Torchlight Investors secured $108.3 million in financing for two multifamily properties in Grand Rapids and Wyoming, Mich.

Image courtesy of Yardi Matrix