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$1.5-Mil Loan for Multifamily Property

BATTLE CREEK, MI-The deal originated out of Wexford Bancgroup of Chicago's Midwest regional office encompasses 77-unit Hidden Lane Apartments located at 612 Garrison Rd., purchased for $1.98 million.

By Robert Carr | Updated on August 31, 2001

BATTLE CREEK, MI-Wexford Bancgroup of Chicago recently provided $1,485,000 in acquisition financing for a 77-unit multifamily property. The transaction was originated out of Wexford’s Midwest regional office by Aaron T. Abelson, assistant vice president/investment officer.

The non-recourse mortgage loan features a 10-year term based on a 30-year amortization schedule. The details of the transaction include a 75% loan-to-value, 78% loan-to-cost and 1.20 debt-service coverage ratio.

Hidden Lane Apartments is located at 612 Garrison Rd. The apartment complex contains a total of 77-units housed within one four-story building, two two-story buildings and two three-story buildings situated on 6.08 acres. The class B, garden-style multifamily property was built in 1967 and recentlyrenovated. The unit mix consists of efficiencies, one-bedroom units and two-bedroom units each with one bath as well as two-bedroom units with two baths.

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