ANN ARBOR, MI—Marquette Cos., based in Naperville, Ill., have secured a five-year, $5.3 million loan for the 324-unit Signature Club Apartments here near the University of Michigan.
HFF arranged the 3.97-percent financing, which will supplement the first mortgage HFF arranged in 2011. Managing Director Matthew Schoenfeldt and Senior Real Estate Analyst Jason Bond.
The apartments are at 3000 Signature Boulevard near Interstate 94 to the south of downtown Ann Arbor. The property has one- and two-bedroom units averaging 1,048 sq. ft. each and is 97.5 percent leased. Community amenities include a 24-hour fitness center, dry sauna, indoor hot tub, outdoor swimming pool, tennis court, sand volleyball court, barbecue and picnic area, business center, library and clubhouse.