The non-recourse $17.2 million Freddie Mac loan carries a fixed rate with a 10-year term and 30-year amortization, with five years of interest-only payments. In addition to the acquisition, loan proceeds will be used for capital expenditures and property renovations.
Originally built in 1968, The Shores of Lake St. Clair is an award-winning, 13-building, garden-style community of renovated studios, one- and two-bedroom units with modern finishes and appliances, private outdoor living spaces and in select units, wood-burning fireplaces. Residents of the pet-friendly community can enjoy the clubhouse, fitness center, swimming pool, sports court and playground, as well as on-site laundry facilities and parking. Located northeast of Detroit in “Boat Town U.S.A.,” the property is close to the area’s parks and outdoor recreation, retailers and entertainment, and offers easy access to Interstate 94.