Michigan Communities Get $108M in Financing
- Nov 15, 2018
Torchlight Investors has secured a total of $108.3 million in financing for two multifamily properties in Michigan. Berkadia arranged the 12-year fixed-rate acquisition financing for both properties through Fannie Mae.
“We are excited about this acquisition as we believe it is well-positioned to benefit from sought-after suburban communities with a well-designed capital improvement plan,” said Henry Gom, senior vice president of Torchlight Investors, in prepared remarks.
The property located in Wyoming, Mich., is situated near downtown Grand Rapids, Mich., Rivertown Mall and the Grand Rapids Art Museum. The community offers upgraded studio, one-, two- and three-bedroom units featuring vaulted ceilings, eat-in kitchen and walk-in closets. Community amenities include a fitness center, indoor and outdoor swimming pools, storage facilities, tennis courts and lakefront views.
The Grandville, Mich., property is located near shopping and restaurants on 44th St. SW and is near Pines Golf Course and the George P. Tilma Nature Preserve. The community has a mix of newly renovated one-, two- and three-bedroom units that feature in-unit fireplaces, built-in bookshelves and stainless-steel appliances. Community amenities include a basketball court, walking and biking trails, a pet play area and a fitness center.
Torchlight Investors most recently acquired a 576-unit Maryland community in a joint venture with Hampshire Properties.