Harper Avenue Apartments

St. Clair Shores
,
MI
75% LTV, 10-year term, 5-year 4.05% fixed rate
Amount: $
450000
Interest Rate: 
%

StackSource recently closed an acquisition loan for a Detroit-based investor that acquired a 9-unit apartment property located in the St. Clair Shores neighborhood outside Detroit.  The investor is a repeat client of StackSource and continues to build out their investment portfolio in the greater Detroit area.  

StackSource Capital Advisor Chris Peters was able to source financing through a Michigan-based credit union that offered a 75% LTV, 10-year term loan with a 5-year fixed rate at 4.05%.  The rate resets to the 5-year US Treasury + 2.85% for the remaining 5 years, amortizes over 25 years, and has a step down prepay penalty that disappears after year 3.

Charitable Cause supported by 1% of StackSource's revenue on this transaction: