INDIANAPOLIS – February 22, 2022 – Berkadia announced today the financing secured for WestRidge Flats, a 207-unit garden-style multifamily property located in West Lafayette, Indiana. Director Dan Gable and Associate Director Sam Orman of Berkadia Indianapolis secured the $28.1 million in bridge acquisition financing on behalf of the borrower, Indiana-based James Management Group, LLC. The deal closed on January 28.
The one-year bridge loan financed through Berkadia features a 3.75 percent floating interest rate.
“The bridge loan allows the sponsor maximum flexibility to finish up leasing and seasoning the property in preparation for a permanent takeout,” said Gable.
Located at 2919 Elite Lane, WestRidge Flats is a newly constructed luxury property featuring one-, two- and three-bedroom floor plans with in-unit washers and dryers. Community amenities include a clubhouse with a resident lounge, a game room, a fitness center, an outdoor patio and grilling stations. The property affords residents convenient access to Purdue University, Tippecanoe County Amphitheater Park and the shops and restaurants along Sagamore Parkway West.