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The proceeds of this $10.85MM, 75% loan-to-value mortgage was used by the borrower, HH Inc. Urban Development, for the repayment of existing debt and equity for future construction projects in the region, creating well needed jobs for the city. The mortgage had a 10 year fixed term and a 30 year amortization schedule. Harry Hepler, a principal at HH Inc. Urban Development, looks forward to continuing his distinguished track record of developing Class A properties in East Lansing.
New York, NY (PRWEB) May 08, 2012
Motor Wheel Lofts, a Class A, 119 apartment residential complex, is situated on a 2.27-acre site on the northwest corner of Saginaw and Prudden Street, in the City of Lansing, Ingham County, Michigan. The current configuration of the building improvements results from the redevelopment of a mill-type industrial building, which was originally constructed in 1916, and subsequently renovated in 2006 for multi-family occupancy.
According to Mr. Trow, a Director and senior underwriter at Terrace Capital, “Lending in the state of Michigan has been challenging over the last several years, with the decline of manufacturing in the region, which has gone on for the last 40 years. Despite the economic issues, Terrace is willing to take the time to find credit worthy borrowers in the state and search for opportunities to get deals done. Terrace is currently evaluating approximately another $185MM in high leverage, multifamily financing in Michigan, Florida, Ohio & Indiana. Fannie Mae and Freddie Mac have generally limited these pre-review states to a LTV of 65% and we are often able to achieve LTVs of 75-80%”.
Terrace Capital focuses on non-recourse loans and preferred equity of $5MM and greater on income producing retail, office, industrial, multifamily, self-storage and hotel properties throughout the continental United States.
The Firm is a leader in providing permanent mortgages and equity for wide range of real estate transactions.
For more information about Terrace Capital and the services it provides, go to http://www.terracecapital.com.
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