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.

Berkadia provides financing for 207-unit apartment property in Indiana | RE Journals