Racho Road Apartments
StackSource recently closed an acquisition loan for a 100% occupied, 8-unit apartment building located in Brownstown, MI. The building was originally built in 1976, with significant renovations and a new roof completed in 2017. The client is a repeat borrower that is building a multifamily portfolio in SE Michigan. Capital Advisor Chris Peters secured financing from a credit union lender that provided a 75% LTV loan featuring a 10-year term and 25-year amortization, with the rate fixed at 4% for the first 5 years.