Bayshore Properties lands $26M refinancing on suburban resi complex

The new loan comes 3 years after the firm bought Riverwoods Apartments

Riverwood Apartments at 3649 173rd Court (Credit: Bayshore Properties)
Riverwood Apartments at 3649 173rd Court (Credit: Bayshore Properties)

Bayshore Properties secured a $26 million refinancing on a 354-unit suburban apartment complex.

Hunt Mortgage Group provided the Indiana-based firm the loan through Fannie Mae on Riverwoods Apartments, 3649 173rd Court in Lansing, according to Multi-Housing News.

The loan has a 15-year term with five years of interest-only payments followed by a 30-year amortization period and a 14.5-year yield maintenance period, Hunt Mortgage Group said.

Bayshore bought the property in June 2015 for $23 million from Waterton Associates, according to Real Capital Analytics.

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Monthly rents run from about $800 for a one-bedroom up to $1,350 for a three-bedroom.

Bayshore owns six apartment complexes in the Chicago area and a seventh in suburban Detroit.

The rental market remains strong in the suburbs just as it has in the city. Suburban rents grew 6.9 percent last year and were expected to rise again significantly this year, according to a Marcus & Millichap report. [MHN] — John O’Brien