Regions Midwest | Detroit
Sept 12, 2008
Financing to the tune of nearly $9.4 million was recently put in place for Bainbridge Apartments, located about 30 miles from Detroit in Canton, Mich. Fannie Mae DUS lender Red Mortgage Capital Inc. structured and funded the Fannie Mae fixed-rate non-recourse loan for borrowers Jacobson Brothers and The JAR Group. Bainbridge Park encompasses eight two-story garden-style apartment structures and a neighboring condominium segment. The loan, carrying a seven-year term and a 30-year amortization schedule, covers the refinancing of the rental portion of the multifamily property, which consists of 162 apartment residences, but excludes the 48 adjacent for-sale units.
Financing to the tune of nearly $9.4 million was recently put in place for Bainbridge Apartments, located about 30 miles from Detroit in Canton, Mich. Fannie Mae DUS lender Red Mortgage Capital Inc. structured and funded the Fannie Mae fixed-rate non-recourse loan for borrowers Jacobson Brothers and The JAR Group. Bainbridge Park encompasses eight two-story garden-style apartment structures and a neighboring condominium segment. The loan, carrying a seven-year term and a 30-year amortization schedule, covers the refinancing of the rental portion of the multifamily property, which consists of 162 apartment residences, but excludes the 48 adjacent for-sale units.
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