Ann Arbor, Mich. — The property is 80 percent pre-leased for 2012/2013.
Ann Arbor, Mich. — Beech Street Capital has arranged a $10 million CMBS loan to refinance Corner House Lofts, a 133-bed student housing property on the University of Michigan campus.
Built in 2004, the seven-story property has a ground floor of commercial space in a separate condominium that is leased to Buffalo Wild Wings.
The fixed-rate CMBS loan has a 10-year term and a 30-year amortization schedule. Joel Mazur, vice president of Beech Street Capital's Chicago office, originated the transaction and secured the financing.