Terrace Capital, Inc. Announces $11 MM Non-Recourse Multifamily Loan - Motor Wheels Lofts- East Lansing, MI
The proceeds of the $10.85 MM, 75% loan-to-value mortgage was used by the borrower, HH Inc. Urban Development, for the repayment of existing debt and equity for the future construction projects in the region, creating wll needed jobs for the city.
Published on: Mar 4, 2016
Transcripts - Terrace Capital, Inc. Announces $11 MM Non-Recourse Multifamily Loan - Motor Wheels Lofts- East Lansing, MI
Terrace | Capital, Inc
Rea l Es ta te In ves tm en t Ba n k in g
FOR IMMEDIATE RELEASE
For Transaction Inquiries Contact:
Terrace Capital, Inc.
65 Broadway- 7th Floor
New York, New York 10006
Direct Dial: (212) 671-1031
Terrace Capital, Inc. Announces- $11MM Non-Recourse Multifamily Loan- Motor Wheels
Lofts- East Lansing, MI.
New York, New York – May 7, 2011 - The proceeds of this $10.85MM, 75% loan-to-value
mortgage was used by the borrower, HH Inc. Urban Development, for the repayment of existing
debt and equity for future construction projects in the region, creating well needed jobs for the
city. The mortgage had a 10 year fixed term and a 30 year amortization schedule. Harry Hepler,
a principal at HH Inc. Urban Development, looks forward to continuing his distinguished track
record of developing Class A properties in East Lansing.
Motor Wheel Lofts, a Class A, 119 apartment residential complex, is situated on a 2.27-acre site
on the northwest corner of Saginaw and Prudden Street, in the City of Lansing, Ingham County,
The current configuration of the building improvements results from the
redevelopment of a mill-type industrial building, which was originally constructed in 1916, and
subsequently renovated in 2006 for multi-family occupancy.
According to Mr. Trow, a Director and senior underwriter at Terrace Capital, “Lending in the
state of Michigan has been challenging over the last several years, with the decline of
manufacturing in the region, which has gone on for the last 40 years. Despite the economic
issues, Terrace is willing to take the time to find credit worthy borrowers in the state and search
for opportunities to get deals done. Terrace is currently evaluating approximately another
$185MM in high leverage, multifamily financing in Michigan, Florida, Ohio & Indiana. Fannie
Mae and Freddie Mac have generally limited these pre-review states to a LTV of 65% and we
are often able to achieve LTVs of 75-80%”.
Terrace Capital focuses on non-recourse loans and preferred equity of $5MM and greater on
income producing retail, office, industrial, multifamily, self-storage and hotel properties
throughout the continental United States.
The Firm is a leader in providing permanent mortgages and equity for wide range of real estate
For more information about Terrace Capital and the services it provides, go to