Ann Arbor, Mich. — CBRE Capital Markets’ Debt and Structured Finance team has arranged $35 million in financing for the recapitalization of University Towers adjacent to the University of Michigan in Ann Arbor.
The loan was arranged on behalf of Suburban Campus Properties, a privately held real estate company specializing in the ownership and operation of student housing. University Towers is a 446-bedroom, high-rise student housing community located adjacent to the central campus of the University of Michigan.
CBRE sourced and secured the 10-year loan with full-term interest only and a sub 3.5 percent interest rate through its Fannie Mae Delegated Underwriting and Servicing program, CBRE Multifamily Capital Inc. The financing allowed the client to defease their existing CMBS loan and recapitalize the significant capital improvements which had been made to the property recently.