Section 538 loans in Michigan
USDA's public file lists 44 Section 538 guaranteed loans in Michigan, $64,793,225 in all, financing 2,235 apartments. 42 of them also used housing tax credits. The median loan covered 15% of total development cost.
Lenders on these loans
- BELLWETHER ENTERPRISE REAL ESTATE13
- BONNEVILLE MORTGAGE COMPANY, LLC11
- GREYSTONE SERVICING COMPANY LLC7
- PNC BANK, N.A.5
- USDA RURAL DEVELOPMENT3
- MERCHANTS CAPITAL CORP.2
- LUMENT REAL ESTATE CAPITAL, LLC2
- CHURCHILL MORTGAGE INVESTMENT LLC1
Lender names as USDA records them. Open Country is not affiliated with any lender listed.
| Project | Closed | Loan | Loan to cost | Units | 1BR / 2BR / 3BR rent |
|---|---|---|---|---|---|
| Rivercrest Apartments Croswell · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2026 | $475,000 | 11% | 24 | $825 / $940 / $1,060 |
| Woodbrook Senior Apartments Three Rivers · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2025 | $1,200,000 | 24% | 32 | $971 / $1,121 / - |
| Perry Acres Apartments New Haven · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2025 | $700,000 | 17% | 24 | $845 / $990 / $1,110 |
| Old Mill Pond Apartments Brooklyn · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2025 | $1,320,000 | 19% | 48 | $890 / $1,070 / - |
| Westbury Apartments Wayland · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2025 | $1,075,000 | 24% | 32 | $860 / $960 / $1,110 |
| Bramblewood Senior Apartments New Haven · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2024 | $940,000 | 21% | 32 | $815 / $935 / - |
| Ruth Park Traverse City · New Construction · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2024 | $4,482,000 | 28% | 58 | $874 / $895 / $1,046 |
| Jasperlite Senior Housing Ishpeming · New Construction · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2021 | $1,161,000 | 15% | 36 | $500 / $550 / - |
| Waterview Apartments Phase I Gladstone · Rehab/Repair · LIHTC · CHURCHILL MORTGAGE INVESTMENT LLC | 2021 | $750,000 | 12% | 52 | $547 / $672 / - |
| Reed City Apts Reed City · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2021 | $506,000 | 8% | 64 | $520 / $570 / - |
| Center Street Apts Hartford · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2021 | $500,000 | 13% | 32 | $519 / $570 / $601 |
| Maple Hill Apts Cadillac · Rehab/Repair · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2020 | $325,000 | 10% | 24 | $500 / $525 / $575 |
| Arbor Glen Apartments St. Charles · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2020 | $517,000 | 11% | 48 | $540 / $623 / - |
| Clairewood Apartments St. Clair · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2020 | $518,000 | 13% | 48 | $540 / $595 / - |
| Creekside Apartments Ravenna · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2020 | $357,000 | 8% | 32 | $591 / $655 / - |
| Grayling Pines Apartments Grayling · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2020 | $150,000 | 5% | 24 | $600 / $739 / - |
| Lakewood Apartments Stockbridge · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2020 | $301,000 | 9% | 32 | $610 / $655 / - |
| Whispering Pines Apartments Grayling · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2020 | $245,000 | 9% | 24 | $610 / $740 / - |
| Willow Creek Apartments Escanaba · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2020 | $653,000 | 12% | 56 | $543 / $575 / - |
| Decatur Downs Apts Decatur · Rehab/Repair · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2019 | $750,000 | 17% | 48 | $485 / $510 / - |
| Lawrence Downs Apts Lawrnece · Rehab/Repair · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2019 | $775,000 | 16% | 48 | $525 / $540 / - |
| Center City Downtown Hillsdale Hillsdale · New Construction · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2019 | $650,000 | 8% | 40 | $384 / $459 / - |
| Lincoln House Apartments Owosso · Rehab/Repair · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2018 | $760,000 | 14% | 28 | $475 / $505 / - |
| Milan Village Apartments Milan · New Construction · LIHTC · MERCHANTS CAPITAL CORP. | 2018 | $1,490,000 | 28% | 36 | $746 / - / - |
| Heritage Lane Jonesville · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2017 | $720,000 | 10% | 44 | $427 / $535 / - |
| Enchanted Glen Colon · Rehab/Repair · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2017 | $350,000 | 9% | 36 | $429 / $510 / $55 |
| Hiawatha Apartments Iron River · Rehab/Repair · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2017 | $425,700 | 13% | 32 | $475 / $643 / - |
| Boardman Lake Apartments Traverse City · Rehab/Repair · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2016 | $650,000 | 5% | 112 | $400 / $500 / $600 |
| Brookside Commons Traverse City · New Construction · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2016 | $2,500,000 | 21% | 72 | $400 / $468 / $530 |
| Maple Heights Apartments Saline · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2016 | $491,000 | 11% | 48 | $785 / $899 / - |
| Lloyd House Menominee · New Construction · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2015 | $650,000 | 6% | 44 | $400 / $490 / $540 |
| Manistee Place Apts Manistee · Rehab/Repair · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2014 | $345,000 | 6% | 46 | $475 / $575 / - |
| Sycamore House Apartments Durand · Rehab/Repair · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2010 | $1,525,000 | 23% | 40 | $382 / $512 / $640 |
| Traverse Woods Apartments Petoskey · Rehab/Repair · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2010 | $1,167,000 | 18% | 128 | $528 / $553 / - |
| Lakeside Apartments Cadillac · Rehab/Repair · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2008 | $1,055,000 | 33% | 64 | $500 / $567 / - |
| Emery Pines Prudenville · New Construction · LIHTC · USDA RURAL DEVELOPMENT | 2007 | $1,075,000 | 35% | 20 | - / - / $535 |
| Tibbits Greene Apartments Coldwater · New Construction · LIHTC · PNC BANK, N.A. | 2007 | $865,000 | 26% | 24 | $385 / $505 / $520 |
| Whitman Crossing Morenci · New Construction · LIHTC · PNC BANK, N.A. | 2006 | $900,000 | 23% | 24 | $614 / $695 / $750 |
| Doranne Greene Hartford · New Construction · LIHTC · PNC BANK, N.A. | 2006 | $2,000,000 | 28% | 49 | - / - / $577 |
| Eagles Trace Apartments Dowagiac · New Construction · LIHTC · PNC BANK, N.A. | 2005 | $1,422,348 | 38% | 40 | $407 / $510 / $566 |
| Coastal Crossings II South Haven · New Construction · LIHTC · PNC BANK, N.A. | 2004 | $1,545,677 | 42% | 40 | $392 / $461 / $617 |
| Whispering Pines Coldwater · New Construction · LIHTC · MERCHANTS CAPITAL CORP. | 2004 | $3,100,000 | 48% | 112 | $322 / $387 / $448 |
| Bentwaters Of Three Rivers Three Rivers · New Construction · USDA RURAL DEVELOPMENT | 2004 | $8,038,300 | 84% | 120 | $690 / $790 / $990 |
| West Pier Place Sault Ste. Marie · New Construction · USDA RURAL DEVELOPMENT | 2004 | $15,368,200 | 84% | 218 | $700 / $768 / $934 |