(To read more on the multifamily market, click here.)
GRAND HAVEN, MI-A mulitfamily development in this Lake Michigan community is back on track after a $5.5 million loan was secured to facilitate the project.
Star Heaven LLC acquired the Hideaway at the Lakeshore Apartments in Grand Haven Township after a HUD foreclosure on the 190 apartments in various stages of completion. Construction on the apartments had fallen by the wayside after a previous developer defaulted on the property. Faced with a looming deadline to close on the deal, Star Heaven worked with Hackensack, NJ-based Kennedy Funding to secure the $5.5-million loan to complete the transaction.
"Kennedy's expertise in real estate loans, plus our experience in time-is-of-the-essence situations, made this loan possible," says Kevin Wolfer, co-CEO of Kennedy Funding. "Our appraisal noted a sizeable potential market, a well-kept middle income neighborhood, and a steady demand--all adding up to a green light."
The development consists of 190 one-, two-, and three-bedroom apartments in 19 10-unit buildings, plus a 4,400-sf clubhouse. Infrastructure is in place, the buildings are in various states of completion, and some additional site work and landscaping remains. The new owners expect to finish the project and sell the units as condominiums.
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