SunTrust Provides $18.3M Fannie Mae Loan for Acquisition of Apartment Complex in Suburban Detroit

by Kristin Harlow

WATERFORD, MICH. — SunTrust Commercial Real Estate, part of Truist’s corporate and institutional group, has provided an $18.3 million Fannie Mae loan for the acquisition of Glengarry Apartments in Waterford, a northern suburb of Detroit. The 300-unit apartment complex, built in 1978, was 94.7 percent occupied at the time of closing. Evan Hom of SunTrust originated the 15-year loan with seven years of interest-only payments followed by a 30-year amortization schedule. The loan-to-value ratio was 80 percent.

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