State: Michigan - MI

Landmark student-housing property has 173 units.

Farmers is leasing it back under a 15-year, triple-net agreement. The insurance company has options to extend its lease for up to four additional five-year periods. To fund its purchase, the company has lined up $96.45 million of senior financing ...

The portfolio consists of buildings in Auburn Hills, Lake Orion, Livonia, Macomb Township, Redford and Saline, Mich. Tenants include American Bottling Co., Ascent-Odyssey Industries LLC, Automated Media, Cooper-Standard Automotive Inc. and Quality Metalcraft Inc.

Lightstone Value, the former Behringer Harvard Opportunity REIT II Inc., funded its purchase with a $43.4 million mortgage that pays a coupon of 4.16 percent and that requires only interest payments through its March 2026 maturity.

The buyer plans to rename the four-story property Delamar Traverse City and will invest another $10 million on renovations over the next two years.

fully leased. Global Net Lease has lined up a $70 million mortgage that has a 10-year term and pays a coupon of 4.63 percent.