Regal Towers

Location: Southfield, MI
Type: Multifamily
Price: $ 17,000,000

SMC has provided a $17,000,000 ten-year fixed rate first mortgage to refinance the existing debt collateralized by Regal Towers, 935 unit mid-rise apartment complex located in Southfield, MI. The improvements consists of five seven and eight-story multifamily buildings totaling 935 apartment units and an on-site club house. Amenities include two gated entrances with 24-hour attendants, licensed on-site child care, a mini-mart serving all five buildings, an Olympic-size swimming pool, basketball and tennis courts, a playground and picnic area, 24-hour courtesy patrol and security, 24-hour emergency maintenance, and on-site laundry facilities. The Property underwent a significant renovation program between 2008 and 2012.