Coolidge Road Duplexes
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.