DETROIT – April 15, 2020 – Berkadia today announced the $15.1 million loan with Fannie Mae secured for Lofts on Alabama, a Class-A apartment community in Grand Rapids’ West Side neighborhood. Director Aaron Moll of Berkadia’s Detroit office secured the permanent financing on behalf of an undisclosed entity and the deal closed on April 3.
“We were excited to work on this transaction and get another one done across the Lofts of GR brand,” said Moll. “This new loan lowered the borrower’s rate by over 100 bps, extended amortization and interest only period and removed recourse. We were happy to get this closed in wake of financial turmoil the capital markets are experiencing and provide the property some significant excess cash flow.”
Lofts on Alabama is a 100-unit Class-A apartment community which features studio, one-, two- and three-bedroom floor plans. Community amenities include a rooftop patio, an outdoor area with grilling stations and a community gathering space. This property is part of the Lofts of GR brand which includes the GR PASS providing tenants access to various amenities around the Grand Rapids community.
In 2019, Moll also secured financing for two other Lofts of GR properties, Lofts on Michigan and Lofts on Ionia.