BWE Arranges $19.7M Acquisition Loan for Multifamily Portfolio in Southeast Michigan

by Kristin Harlow

CLINTON TOWNSHIP, MICH. — BWE has arranged a $19.7 million acquisition loan for a 326-unit multifamily portfolio in Clinton Township, which is part of the Detroit metropolitan area. Adam Gould of BWE secured the three-year, nonrecourse bridge loan with three years of interest-only payments and a 75 percent loan-to-cost ratio. The buyer was a regional fund that invests in workforce housing. The portfolio consists of 13 low-rise buildings with a mix of one- and two-bedroom units. Amenities include a pool, clubhouse, tennis court and onsite laundry.

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