Berkadia Secures $34.6M in Financing for Affordable Housing Community in Pittsfield Township, Michigan
Philadelphia, PA – June 6, 2023 – Berkadia announced today the closing of a $34.6 million Low-income Housing Tax Credit (LIHTC) investment that will facilitate the new construction of Apartments on Clark, a mid-rise multifamily property in Pittsfield Township, Michigan. Apartments on Clark will consist of 295 units in two four-story buildings, accommodating family households with a mix of one-, two-, and three-bedroom units at Area Median Income (AMI) levels ranging from 40 to 60 percent.
“Apartments on Clark marks the start of a new relationship with Lockwood Companies,” said Brian Blanchard, Senior Managing Director, Berkadia Affordable Housing. “We’re thrilled to partner with such an innovative developer making an incredible impact in Affordable Housing.”
Residents will enjoy amenities such as a resort style swimming pool with expansive pool deck, grilling area, community-wide Wi-Fi, outdoor lounge, modern architecture, electric vehicle charging stations, community room, and a state-of-the-art fitness center. In addition, the community will offer pet friendly services, including a dog park and a pet washing spa.
“Through Berkadia’s substantial investment, Apartments on Clark will provide much needed, high quality Affordable Housing to the Pittsfield Township community. We are excited to kick off our successful partnership to bring a large-scale development to an area with great educational, employment and quality of life opportunities that also has some of the fastest growing housing costs in the state of Michigan,” said Mark Lockwood, President & CEO, Lockwood Companies.
Permanent financing for the project will include permanent debt from Michigan State Housing Development Authority (“MSHDA”), MSHDA provided HOME and TCAP loans, a General Partner Loan, and proceeds from 4 percent Low-Income Housing Tax Credits.
With a more than $1 billion LIHTC equity portfolio, Berkadia’s LIHTC syndication team has helped finance the development of more than 9,600 units of affordable housing across more than 99 properties. In 2022, Berkadia had over $5.2 billion in affordable housing transaction volume across its three business lines comprised of mortgage banking, investment sales, and tax credit syndication.