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| Wickliffe Kirby |
DALLAS, TX – HFF announced today that it has arranged the
sale of a senior mortgage loan secured by three multifamily properties located
in Southfield and Oak Park, Michigan.
Providence Green, Providence Tower and Providence Place
contain a total of 1,312 units built between 1965 and 1968.
HFF marketed the $31.6 million loan on behalf of a major
financial institution.
The loan was originated by the lender in 2006 to fund the
acquisition of the three collateral properties and an additional property that
was later sold by the borrower.
The loan had an original funding balance of $41.3 million
before it was later reduced from the sale of the fourth property. The loan is set to mature in May 2014.
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| William O'Donnell |
As of August 2013, Providence Green (723 units), Providence
Tower (242 units) and Providence Place (347 units) had a combined occupancy of
65 percent. The properties are located
near the intersection of West 9 Mile Road and Greenfield Road approximately 10
miles northeast of the Detroit CBD.
The
HFF team representing the seller was led by managing director Daniel
O’Donnell and associate director Wickliffe Kirby.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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