Studio One Apartments Refinanced by $15.66 M Loan from CBRE HMF
- Mar 07, 2013
By Veronica Grecu, Associate Editor
Studio One Apartments, a residential building located at 4501 Woodward Avenue in Detroit’s Midtown neighborhood, has received $15.66 million in non-recourse financing from CBRE HMF, CBRE Group’s direct HUD FHA lender. According to a press statement, the loan was funded through CBRE’s FHA-insured permanent loan program with a fixed rate, 30-year, fully-amortizing loan.
Developed and owned by Studio One Apartments, LLC in partnership with Wayne State University as part of the University’s strategic development plan, the apartment project was completed in 2008 and includes 124 market-rate units. The five-story building is conveniently located close to the Detroit Medical Center; the Wayne State University campuses are within walking distance and the Museum of Contemporary Art, which will be renovated and expanded into a more functional cultural center for Detroiters, is just a few blocks down the street.
The five-story building totals 155,000 square feet of space, of which 30,000 are housing ground floor retail spaces. The facility also includes a ground-level parking space for 49 cars and an adjacent 950-space public parking garage owned by Wayne State University.
“We are pleased to provide this FHA-insured financing. CBRE’s loan will supply this Class-A property with stable fixed rate financing at a historically low interest rate to ensure the property remains a long term contributor to this vibrant community,” said Jayne Hulbert, president of CBRE HMF, in a press statement.
Image courtesy of www.studio1apartments.com