Michigan North Street Apartments
StackSource recently arranged acquisition financing for a Michigan-based investor that acquired a 32-unit apartment complex located in Mt. Morris, MI, just north of Flint. The buyer is a repeat StackSource client and continues to build out their portfolio of residential and commercial properties in Michigan. The property currently sits at 91% occupied.
StackSource Capital Advisor Chris Peters secured financing through a Michigan based credit union that provided a 75% LTV, 10-year loan term fixed for the first 5 years at 4.25%, amortized over 25 years.