Truman Village Apartments, Rockwood, MI
TROY, TAYLOR, AND ROCKWOOD, MI—Arbor Realty Trust recently funded a Freddie Mac SBL portfolio in Michigan. The three properties, totaling 154 units, received $6.7 million in combined funding. Each loan comes with a 20-year term including a 10-year fixed rate.
The portfolio includes: Troy Village Apartments in Troy, MI, which received $1.1 million in funding; Pointe Place Apartments in Taylor, MI, which received $3 million in funding; and Truman Village Apartments in Rockwood, MI, which received $2.5 million in funding.
David Galst of Arbor's Century City office originated the loan. “I'm happy to report that the borrower sincerely appreciated Arbor's straight-forward and hands-on execution in closing this cash-out refinance deal,” says Galst. “The terms of the loan facilitated the removal of a vacant lot adjoining one of the properties which was encumbered by the prior lender.”
Built in 1957, Troy Village Apartments offer amenities such as on-site parking, laundry facilities and high-speed Internet access. The property is near I-75 with easy access to Detroit Metro Airport.
Pointe Place Apartments, built in 1971, provide on-site parking options, high-speed Internet access and rentable storage units.
Truman Village Apartments, also built in 1971, offer a park-like setting with a large pet-friendly community, playground and personal patios. The property is close to Lake Erie Metro Park and Lake Erie Smith Creek.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
