The proceeds of this $13.50MM, 75% loan-to-value mortgage was used by the borrower, Hughes Equities, LLC, for the repayment of existing floating rate debt, attempting to head off a rise in long term interest rates.

Western Michigan Apartments, a 711 unit portfolio, comprised of 6 residential complexes, is located in Kentwood, Wyoming & Kalamazoo, Michigan. An underwriter from Terrace commented that the properties are in excellent locations in the two largest MSAs in West Michigan; Grand Rapids and Kalamazoo which are both experiencing economic growth in heal..

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