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MUSKEGON, Mich. — Colliers has arranged $21.6 million in construction financing for a seniors housing project in Muskegon, located west of Grand Rapids and directly across Lake Michigan from Milwaukee.
The property will feature 105 units of independent living, assisted living and skilled nursing in a combination of studio, one-bedroom and two-bedroom units.
The term of the loan is 48 months with one twelve-month extension option.
Christopher Fenton and Catherine Eby of the seniors housing team of Colliers Mortgage, in conjunction with Nick Skarich and Kevin McMahon of Colliers Funding arranged the financing. The borrower and the name of the community were not disclosed.