Berkadia Secures $42.9 Million in Financing for Stone Falls of Ada, A Newly Acquired DTN Apartment Community
DETROIT – June 16, 2022 – Berkadia announced today the financing secured for Stone Falls of Ada, a 210-unit garden-style multifamily property in Ada, Michigan. Director Aaron Moll and Managing Director Dave Sibbold of Berkadia Detroit secured the $42.9 million in permanent acquisition financing on behalf DTN and its joint venture partner, two Michigan-based multifamily investment firms. The deal closed on May 26.
The ten-year loan was financed through Northwestern Mutual Life Company, one of Berkadia’s corresponding lenders. The loan features seven years of interest-only and provided the borrower with two earn-out options during the term of the loan.
“We were very happy to work alongside DTN and its joint venture partner again,” said Moll. “These are two great clients and their expertise in the space makes our job easy to source top institutional debt on their behalf. Stone Falls of Ada is an exceptional property and is one of the best-known multifamily assets in the State of Michigan. Both groups will enjoy the asset for many years to come. We’re thankful to NML for a tremendous loan on this property. The borrower’s ability to lock rate at application was a great resource, especially during times of volatile interest rates. It really preserved the deal during acquisition.”
Located at 330 Stone Falls Drive, Stone Falls of Ada features one-, two- and three-bedroom floor plans with in-unit washers and dryers, private patios or balconies and walk-in closets. Community amenities include a swimming pool, a fitness center and a clubhouse. Residents are afforded convenient access to Cascade Hills Country Club, Forest Hills Fine Arts Center and the shops and restaurants near Interstate 96.
“We have done numerous deals with Northwestern Mutual over the past seven years with excellent results,” said Sibbold. “This deal required some unique loan structuring in order to satisfy the needs of the borrower. NML has the ability to look at each loan individually in order to offer a distinctive and creative loan structure that works for both the borrower and lender. We look forward to a long-term relationship with NML, DTN and Berkadia.”