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Avana Companies and Oak Park Apartments signed a cash-out refinance loan deal.
The total loan amount is $2,047,000, which includes cash out amount which will provided to the investor at closing for investments in further properties and the remaining amount will be used to refinance their current loan. The loan is secured by two 2-story multi-family residential buildings with a total of 42 units located in Grand Rapids, MI.
The property was built in 1975. The current owners purchased the property in 2016 in an off-market purchase for a market based price. Since acquisition, the investor has performed regular maintenance to the property which includes upgrades at some of the units.
|Loan Purpose||Cash-Out Refinance|
|Loan Type||Conventional CRE|