TurnCap recently funded a bridge loan to finance the acquisition and renovation of a 132-unit, four-story garden style apartment complex located adjacent to the central business district in Grand Rapids, MI. The property is well located and provides residents access to the myriad amenities of downtown Grand Rapids, including Highland Park, access to Interstate-196 and the Grand Rapids “Medical Mile”.
The sponsor is an experienced value-add owner/operator who acquired the building with the intent to increase the market value of the asset by upgrading all the units and common areas.
Sponsor Track Record
Over the past ten years, sponsor has successfully renovated units to achieve market rate rents and has significantly increased the value of their 14 properties and over 1,500 units.
The Subject’s convenient access to Grand Rapids downtown and Interstate-196 provides tenants with access to all of Grand Rapid’s amenities. In addition to the area amenities, residents have convenient access to the area’s major employers (Medical Mile) and universities (GVSU Heath Service School & MSU Medical School).