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FARMINGTON HILLS, MI-A loan in the amount of $16.5 million has been arranged by Frank Petz and Paul House L.J. Melody and Co. for acquisition of the 264-unit Diamond Forest Apartments.

The loan will be used to acquire the apartment complex, which had a purchase price of $22.45 million. In addition, a portion of the loan will be held back for planned rehabilitation of the property. The terms of the seven-year, interest-only loan includes a fixed rate of 5.18%. Petz, who is director of L.J. Melody's Boston office, tells GlobeSt.com that the loan to value ratio is 75%.

At the time of financing, the property was 95% leased. The names of the buyer and seller involved with the transaction could not be obtained by press time. Located at 23140 Halsted Rd., the 1987-built Diamond Forest Apartments has a net-rentable area of 311,840 sf and offers one and two bedroom apartments, averaging in size between 800 sf and 1300 sf, at an average market rent of between $750 and $910 per month. Amenities include a clubhouse and swimming pool.