DETROIT – March 22, 2021 – Berkadia today announced the financing secured for The Glens at Rolling Ridge, a garden-style multifamily property in Howell, Michigan. Senior Managing Director Colin Callaghan of Berkadia’s Detroit office secured the $18.7 million in HUD financing for the property on behalf of the borrower, an undisclosed entity. The deal closed on February 26.
The HUD 223(f) loan features a 2.16 percent interest rate and an 80 percent loan-to-value ratio.
“The process of getting HUD’s approval and closing went extremely smooth due to efforts of the Detroit HUD office, the borrower’s HUD experience and the experience of the rest of the team,” said Callaghan. “We were able to secure a very low interest rate and close the loan sooner than the borrower expected.”
The property, located at 3998 Audrey Rae Lane, is tucked in a scenic rolling site. The Glens at Rolling Ridge features sizeable one- and two-bedroom floor plans. Community amenities include a swimming pool, a fitness center, grilling stations and a clubhouse. Residents are afforded convenient access to Interstate 96 and the surrounding shopping and recreational areas including county parks, biking trails and downtown Howell.