Coolidge Road Duplexes

East Lansing
,
MI
2.99% fixed rate, 5/25
Amount: $
430000
Interest Rate: 
2.99
%

StackSource recently arranged financing for a 100% occupied, 3-building, 6-unit duplex portfolio located in East Lansing, MI.  The sponsors plan to acquire the property, inject $6,000/unit in upgrades and increase rents to market rates.  StackSource Capital Advisor Chris Peters was able to secure a 5-year fixed rate mortgage at 2.99% for the first 5 years with a 25-year amortization from a regional bank lender.  The loan also features a construction component with interest only payments priced at Prime during the 12-month draw period and 3.50% during the repayment period.

Charitable Cause supported by 1% of StackSource's revenue on this transaction:
Habitat for Humanity of Greater Newark