Berkadia Secures $23 Million in Financing for Multifamily Property in Michigan

May 2, 2019

Berkadia Secures $23 Million in Financing for Multifamily Property in Michigan

May 2, 2019
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Berkadia Provides $23 Million in Financing for Michigan Apartment Complex | REJournals 

Detroit-Area Community Scores $23M Refi | Multi-Housing News 

Fannie Mae Loan Goes to Detroit-Area Multifamily | Connect Commercial Real Estate News 

Berkadia Originates $23M Refinancing for Apartment Property in Shelby, Michigan | REBusiness Online

DETROIT – May 2, 2019 – Berkadia announced today the $23.12 million financing for Ashford Apartments, a garden-style multifamily property in Shelby, Michigan. Senior Managing Directors Colin Callaghan and Peter Benedetto of Berkadia’s Detroit office secured the permanent refinancing on behalf of Michigan-based Ashford 180 LLC, an affiliate of MJC Companies®, and the deal closed on April 25.

The 15-year Fannie Mae loan features a 30-year amortization and a 75 percent loan-to-value ratio.

“This transaction was driven by having both a strong, experience borrower, as well as an excellent property,” said Callaghan. “This allowed us to lock rate and close on this loan quickly. It continues a trend we have been seeing among our clients, specifically a desire to lock in current low interest rates for a long period of time.”

Located at 48377 Commonview Drive, Ashford Apartments features two-bedroom floor plans with nine-foot ceilings, full-sized dining areas, in-unit laundry, energy-efficient glass windows and doors, tiled bathrooms, open living spaces and private home entrances. Community amenities include a resort-style pool and a sundeck, professional landscaping and various health and fitness clubs. Residents are afforded convenient access to Barclay Lake, Woodall Neighborhood Park, Burgess-Shadbush Nature Center, the restaurants along Rochester Road and the shopping in downtown Rochester.