Glengarry Park Apartments

Location: Waterford, MI
Type: Multifamily
Price: $ 7,700,000

SMC has provided a $7,700,000 ten-year fixed rate first mortgage to refinance the existing debt collateralized by Glengarry Park Apartments, a 300 unit garden-style apartment building complex located in Waterford Township, MI. The improvements consist of 25 garden-style apartment buildings totaling 300 apartment units and an on-site club house and leasing office. Unit amenities include patio/balcony, resident storage, dishwasher and other appliances. Community amenities include a swimming pool, playground and an on-site laundry facility. The property was renovated between 2011 and 2013. At closing an additional $400,000 was escrowed to facility further capital investment into the property.