FRIEDMAN FINANCE SECURES $3.9 MILLION BRIDGE LOAN FOR VALUE-ADD APARTMENTS IN ANN ARBOR
Farmington Hills, Michigan (November 29, 2018) – Friedman Finance is pleased to announce that it recently arranged a $3.9 million loan for a 48-unit apartment community located in Ann Arbor, Michigan. The non-recourse loan provided the borrower, a local investor group, with initial funding as well as future funding to renovate units and increase rents. The loan featured a 3-year interest only term with an extension option and a low floating rate. It was originated by Ryan Denomme, Director of Friedman Finance, and was closed with a regional bank.
“Ownership required a short-term, non-recourse loan with future funding for renovations and needed to close quickly.” said Denomme. “The loan met those expectations. It also came with a low origination fee and is pre-payable at any time without penalty, providing ownership with the flexibility they required.”
Friedman Finance specializes in matching investors and owners of commercial real estate with sources of capital. Utilizing our network of banks, credit unions, life insurance companies, CMBS lenders and private equity investors, we provide debt and equity solutions for investment real estate projects of all types. Friedman Finance is a subsidiary of Friedman Real Estate.
ABOUT FRIEDMAN REAL ESTATE
As one of the largest privately-held full-service commercial real estate organizations in the nation, Friedman Real Estate provides clients with a single point of contact for the full range of Property Management, Brokerage and Construction and Advisory services.
Friedman manages more than 140 commercial properties encompassing more than 16M SF and more than 11,000 apartment homes throughout the United States. Friedman’s brokerage team has over 800 current listings with $10 billion in closed transactions. As owners and managers of commercial property for 30 years, Friedman understands what it takes to achieve results that maximize their clients’ objectives.
For more information, please visit: www.friedmanrealestate.com or email Ryan Denomme