Harper Avenue Apartments
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.