Calmwater Capital Provides $12.6 Million Loan for Student Housing Community Near Oakland University

Knollwood Place, a multifamily community located in Auburn Hills, Michigan, will soon be converted into student housing and rebranded The Edge. Knollwood Place, a multifamily community located in Auburn Hills, Michigan, will soon be converted into student housing and rebranded The Edge.

Auburn Hills, Mich. — Calmwater Capital has provided a $12.6 million loan for the acquisition and renovation of Knollwood Place, a 144-unit multifamily property near Oakland University in Auburn Hills, Michigan.

The borrower is a joint venture between Andover Real Estate Partners and M Group. The property will be converted into student housing and rebranded The Edge. The credit facility provided by Calmwater includes an approximately $12 million senior secured term loan and a $650,000 delayed draw term loan for capital expenditures for physical upgrades in addition to the implementation of student-focused marketing and resident programming. 

More News