Garden Style Apt

$20,025,000 308 Unit Garden Style Apartment

Location: Ypsilanti, MI
Loan Amount: $20,025,000
Term: 12 Year
Amortization: 30 Years after 7 years Interest Only
Execution: Fannie Mae & Life Insurance JV Equity

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, and 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.