Massey Knakal Capital Services is pleased to announce the closing of an $18.0 million loan for Greenhill Partners, collateralized by a 292-unit multifamily property in Kalamzoo, Michigan. The 10-year loan featured a 5-year interest only term. CIBC was the lender.
"The borrowers purchased the property a year ago using short term financing but made quick improvements to the asset which created significant value. We knew that CMBS would be a great execution here and we were able to secure a loan with 5 years of interest-only and take advantage of the recent lowering of long-term interest rates,” said Massey Knakal’s Justin Boruchov, who exclusively handled this transaction. “In addition, CIBC was able to recognize and give credit to the relatively quick improvement in the property’s operating performance. The quality of the asset and the strong operating experience and track record of the borrowers made this a great transaction,” he added.
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