Calmwater Capital Provides $12.6 Million Loan for Student Housing Community Near Oakland University

by Katie Sloan

Auburn Hills, Mich. — Calmwater Capital has provided a $12.6 million loan for the acquisition and renovation of Knollwood Place, a 144-unit multifamily property near Oakland University in Auburn Hills, Michigan.

The borrower is a joint venture between Andover Real Estate Partners and M Group. The property will be converted into student housing and rebranded The Edge. The credit facility provided by Calmwater includes an approximately $12 million senior secured term loan and a $650,000 delayed draw term loan for capital expenditures for physical upgrades in addition to the implementation of student-focused marketing and resident programming. 

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