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Dealmaker: Friedman Finance Secures $24M for Industrial, Multifamily
Friedman Finance, Farmington Hills, Mich., arranged $23.6 million for industrial and multifamily assets in Michigan.
The firm secured a $10 million life insurance company loan for an 800,000-square-foot industrial building in Redford, Mich. The 10-year loan came with a 4.55 percent fixed rate.
Ryan Denomme, Director with Friedman Finance originated the loan for a local investor group. “The clients were looking to secure long-term, non-recourse financing to protect them against rising interest rates but they also wanted prepayment flexibility,” he said. “This loan allowed them to lock in a very attractive rate for 10 years and included a declining prepayment structure to allow the borrowers an exit if their plans for the property were to change in the future.”
Denomme also arranged a $13.6 million loan for a newly constructed 116-unit Class A apartment community in East Lansing, Mich. The 30-year fixed-rate life insurance company loan priced below 4.5 percent.
“The client was able to lock in a great rate 90 days prior to close while finishing construction of their final units,” Denomme said. “Treasury rates increased during the rate lock period, providing a great benefit to the client on a loan that was already almost 0.75 percent below comparable Fannie Mae options.”