MLG Capital, the premier outsourced investment manager in private real estate for Investment Advisors, Family Offices and High Net Worth Individuals since 1987, announced its completion of the refinance of the 476-unit Westgrove Apartments property, located in Waukesha, Wisconsin (Metro Milwaukee MSA).
Refi Highlights
The property now has 10 years of fresh debt (interest-only) at a 3.05% fixed rate. The prior loan was at 4.73%.
MLG was able to distribute approximately $10M to the investment group and will earmark approximately $2M for continued renovations.
Capital Improvement Plan
Continue original strategy: complete interior renovations to create value and replace dated/failing mechanical and structural items as needed.
Renovations to-date:
Clubhouse redesign
Complete interior unit upgrades
Upgrades to common area features of the property including the outdoor recreation area, dog park, and patio and outdoor grilling area
Energy conservation strategies, including low-flow toilets/showers and LED lighting
