Michigan Communities Get $108M in Financing | Multi-Housing News
Firm Buys Suburban Apartment Complexes | GRBJ
DETROIT – November 13, 2018 – Berkadia today announced a combined $108.33 million in financing for two garden-style multifamily properties in Wyoming, Michigan and Grandville, Michigan. Senior Managing Director Peter Benedetto of the Detroit office secured the acquisition financing for both properties through Fannie Mae on behalf of Torchlight Investors. The deals closed on October 17.
Berkadia was able to secure a 12-year fixed-rate acquisition financing for both properties.
“We appreciated the opportunity to work with Torchlight and Fannie Mae on a successful transaction,” said Benedetto.
“We are excited about this acquisition as we believe it is well-positioned to benefit from sought-after suburban communities with a well-designed capital improvement plan,” said Henry Gom, Senior Vice President of Torchlight Investors.
The Wyoming, Michigan property is just minutes from downtown Grand Rapids, Rivertown Mall and the Grand Rapids Art Museum. The property offers upgraded studio, one-, two- and three-bedroom units featuring vaulted ceilings, eat-in kitchens and walk-in closets. On-site amenities include a fully-equipped fitness center, indoor and outdoor swimming pools, storage facilities, indoor and outdoor tennis courts, planned social activities, an outdoor courtyard and lake-front views.
The Grandville, Michigan property is conveniently located near shopping and restaurants on 44th St. SW and is in close proximity to Pines Golf Course and the George P. Tilma Nature Preserve. The property offers classic and newly renovated studio, one-, two- and three-bedroom floor plans with large bedrooms, in-unit fireplaces, built-in bookshelves and stainless-steel appliances. On-site amenities include a basketball court, walking and biking trails, a pet play area and a fully-equipped health and fitness center.