$30M financing secured for two-property multi-housing portfolio in Michigan

NEW YORK, Jan. 16, 2024 – JLL Capital Markets announced today that it has arranged the $30 million refinancing for the 407-unit Davis Creek Apartments in Portage, Michigan and the 152-unit Canterbury East in Mt. Pleasant, Michigan.

JLL worked on behalf of the borrower, The Millennia Companies, to secure the loan through Citigroup Inc.

Davis Creek Apartments was built in 1969 and renovated in 2013. It consists of 33 studio apartments, 276 one-bedroom and 98 two-bedroom units, and community amenities include two enclosed dog parks, pavilions with picnic and grilling areas, a 24-hour emergency maintenance team and walking/jogging trails. Situated at 5419 Meredith St., Davis Creek Apartments is conveniently located 15 minutes away from Downtown Kalamazoo and two miles away from I-94, providing access to Detroit in two hours. The property’s location offers proximity to top employers, including Pfizer, Stryker and Bronson Healthcare, as well as numerous retail stores within a four-mile radius, such as ALDI, Target, The Home Depot, Kohl’s, Planet Fitness, Dick’s Sporting Goods and Best Buy. Additionally, residents benefit from Portage’s extensive network of parks and recreational opportunities, including the Portage Creek Bicentennial Park and the Portage Bikeway.

Built in 1979, Canterbury East offers 82 one-bedroom units and 70 two-bedroom units and features a swimming pool, community room, 24-hour fitness center and basketball courts. Located at 1517 Canterbury Trail, the property is a five-minute drive to Downtown Mt. Pleasant, a 1.5-hour drive from Grand Rapids and a 2.5-hour drive from Detroit. Residents benefit from the 1,000 acres of parkland and 18 preserves within Mt. Pleasant, as well as access to nearby employers, including Central Michigan University, McLaren Central Michigan Hospital and the Soaring Eagle Casino and Resort. Canterbury East is also a ten-minute drive from East Broadway Street, a growing retail corridor with numerous restaurants, bars and shops.

The JLL Capital Markets Debt Advisory team was led by Senior Director Jillian Mariutti and Director Alex Staikos.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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