February 22, 2019
Hunt Real Estate Capital has provided a $15.5-million Fannie Mae multifamily loan to refinance a student housing property in Big Rapids, MI. Phase one of Campus Creek Cottages is 100% occupied by students at nearby Ferris State University; a second phase is slated to open in August.
Campus Creek Cottages is a purpose-built, rent-by-the-bed student housing property. It will contain 92 units, totaling 368 beds, when fully built out.
The borrower, GFJ BR Cottages, LLC, developed the property and is backed by key principals Steen Grundahl and Alan Johns. The loan sponsor also controls Campus Crek Townhomes across the street from the cottages.
Hunt RE director Ben Eibler noted that not only is the property 100% occupied, but also is already “significantly pre-leased for the 2019-2020 school year. This property is certainly in high demand.”
The mortgage banker on the deal was Ben Greemann, of Grand Rapids, MI-based Greemann Capital.
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