Hunt Real Estate Capital announced today that it has provided a Freddie Mac Small Balance Loan in the amount of $6.4 million to finance the acquisition of a multifamily property located in Clarkston, Michigan.
Chalet Villa Apartments is a 123-unit apartment community that was built in 1974 and is located at 6935 Tuson Boulevard. The property consists of eight, two-story garden apartment buildings, a maintenance building, and pool storage building.
The loan is a 10-year, fixed-rate loan with no interest only. The borrower is 6935 Chalet Villa Apartments LLC, a Michigan limited liability company. The seller recently invested approximately $1.18 million in capital improvements, including roofing, sidewalk, boiler, and sewer upgrades.
“Chalet Villa is a well situated asset in the northern suburbs of Detroit, close to a variety of access points to large employment centers,” noted Josh Messier, Managing Director at Hunt Real Estate Capital. “The property is extremely well maintained and provides affordable workforce housing to the residents of Clarkston and greater Oakland County.”
The eight apartment buildings contain 46 one-bedroom, one-bathroom units; 11 two-bedroom, one-bathroom apartments; and 66 two-bedroom, one-and-a-half bathroom units.
“We are pleased to provide timely acquisition financing for a strong repeat sponsor of both Hunt Real Estate Capital and Freddie Mac and would like to thank Larry Harwood of Q10 | Lutz Financial Services for arranging the financing,” added Messier.
Clarkston is located approximately 43 miles north of Detroit. Employment in the metropolitan area continues to be driven by the automotive industry.
Property amenities include gated access, exterior lighting, and a common laundry area. Community features include spacious living areas, patios/balconies, a swimming pool and sundeck, grill and picnic area, onsite laundry facilities, and direct access to Lester Lake.