Warren Manor Apartments, a 479-unit multifamily property located in Warren, Mich., has received a $38.5 million refinancing loan provided by Bellco Credit Union. The deal was arranged by Eastern Union.
The deal includes initial funding from Bellco totaling $35.7 million, with an opportunity for an additional $2.8 million as rental revenues rise. Outlined in the agreement, there is a five-year fixed term with one year of interest-only payments; the first two years of the agreement carried a one-percent prepayment penalty. Eastern Union’s senior loan consultant Alex Jaffa and loan consultant Sinai Eizikovitz led the team to secure the loan.
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The Detroit market currently is not seeing large cash-outs for existing loans, so the team acted to give the property owner a light prepay to provide some flexibility on the financing, as well as the opportunity for additional funding when the property stabilizes in the future. Rent growth in the area is seeing some upward mobility as asking rents rose by 0.2 percent over the first three months of 2025, Yardi Matrix data shows. The metro also has 4,400 units under construction as of March of this year.
Property details
According to Yardi Matrix, Warren Manor is owned and managed by Nusson Herschlag, who purchased the 388,675 square-foot, 30.72-acre property for $43 million in October 2023 from ROCO Real Estate. The community includes one-to two-bedroom residences with an average apartment size of 811 square feet and rents of $1,109 per month.
Originally built in 1969, Warren Manor Apartments features 12 two-story buildings with 12 on-site laundry facilities. Since Nusson Herschlag acquired the property, the company has invested approximately $5 million in capital improvements. The community also has a one-story pool house for residents. As of June, Warren Manor is 89.8 percent leased.
Located at 21516 Dequindre Road in Warren, Mich., the property is 18 miles outside of Detroit. Shaw Park, Farwell Recreation Center and Dorais Playground are within a three-mile radius of the community.
Earlier this year, Jonathan Rose Cos., purchased an affordable community in Detroit and another in North Port Village, Mich. When the company closed on the acquisition, Jonthan Rose renewed the existing contracts for another 20 years and added deed-restricted affordability extending from 30 to 40 years.
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