Built in 1923, Oakwood Manor is a 96-unit, mid-rise historic apartment complex situated on 2.89 acres of land. The property is a seven-story apartment building with three commercial spaces.
The borrower is Cherry 547 LLC, a single-purpose Michigan limited liability company, and includes a repeat borrower sponsor. The financing is a 30-year self-amortizing loan.
“The borrower purchased the property in March of 2015 and has since invested significantly in capital improvements, including upgrades to the lobby/fitness room, common area improvements, commercial tenancy, and other interior and exterior building repairs,” commented Daniel Eibler, Director at Hunt Real Estate Capital. “They also plan to invest additional funds for property upgrades.”
Oakwood Manor is a historic property that also offers residents 70 open parking spaces and 36 garage spaces. Common area amenities include fitness center, elevators, and a common laundry.
The property is located in the city of Grand Rapids within the Grand Rapids-Wyoming MSA. The city and the surrounding communities are economically diverse and contribute heavily to the health care, IT, automotive, aviation and consumer goods industries.
“The borrowers are experienced commercial real estate and multifamily investors,” added Eibler. “We were pleased to offer the financing needed to secure and continue to improve Oakwood Manor.”
The deal was brokered by Ben Greemann of Greemann Capital, Grand Rapids, Michigan.