“Michigan Student Housing Secures $17M Funding with IPA’s Assistance”

"Michigan Student Housing Secures $17M Funding with IPA's Assistance"

Marcus & Millichap’s division, IPA Capital Markets (NYSE: MMI), recently announced the successful financing of a student housing property near the University of Michigan. The property, located at 1700 Geddes Ave in Ann Arbor, consists of 62 units and was acquired for $16,975,000.

The IPA Capital Markets team based in Manhattan – Max Hulsh, Max Herzog, Marko Kazanjian and Andrew Cohen – secured the financing through A10 Capital on behalf of Havenly Ventures. This New York City-based real estate investment firm specializes in value-add acquisitions within the student housing sector.

According to Hulsh from IPA Capital Markets,”We were able to secure competitive bridge financing with a lender that offered maximum flexibility for our borrower to execute their business plan.” The plan involves converting oversized two-bedroom units into four-bedroom units by switching from per-unit metering to bed-by-bed charging.

This announcement was originally published on Connect CRE.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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