| Home | June 2013News | Terrace Capital, Inc. Announces- $13.50MM Non-Recourse Multifamily Loan- Western Michigan Apartments - Kalamazoo & Kent County, MI. |
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 Terrace Capital, Inc. Announces- $13.50MM Non-Recourse Multifamily Loan- Western Michigan Apartments - Kalamazoo & Kent County, MI.- Terrace Capital, Inc. Announces- $13.50MM Non-Recourse Multifamily Loan- Western Michigan Apartments - Kalamazoo & Kent County, MI.
- June 30, 2013
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The proceeds of this $13.50MM, 75% loan-to-value mortgage was used by the borrower, Hughes Equities, LLC, for the repayment of existing floating rate debt, attempting to head off a rise in long term interest rates.
Western Michigan Apartments, a 711 unit portfolio, comprised of 6 residential complexes, is located in Kentwood, Wyoming & Kalamazoo, Michigan. An underwriter from Terrace commented that the properties are in excellent locations in the two largest MSAs in West Michigan; Grand Rapids and Kalamazoo which are both experiencing economic growth in health care, life sciences, and higher education. The Grand Rapids Metropolitan Area, which is anchored by the cities of Grand Rapids and Wyoming, is the...
- View more at: http://www.1888pressrelease.com/terrace-capital-inc-announces-13-50mm-non-recourse-multi-pr-478729.html
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