Garden Style Apt
Location: Ypsilanti, MI
Loan Amount: $20,025,000
Term: 12 Year
Amortization: 30 Year after 7 years Interest Only
Execution: Fannie Mae & Life Insurance JV Equity
308 Unit Garden Style Apartment
District Capital arranged 95% of the capital stack on an acquisition of a 308-unit apartment community in Ypsilanti, Michigan. The debt was placed via Fannie Mae and featured the following terms: 75% LTC (including future CapEx), 12-year term, 7-years of interest-only payments followed by a 30-year amortization schedule. The JV equity was placed with a correspondent life insurance partner of District Capital and featured a waterfall return structure with no GP involvement required.