Berkadia Secures Financing for Multifamily Portfolio in Midland, Michigan
Midland, MI – January 19, 2023 – Berkadia announced today the $33.8 million in financing of The Midland Portfolio. The portfolio encompasses 449 units across three properties located in Midland, Michigan. Senior Director Aaron Moll of Berkadia Detroit secured the financing on behalf of the buyer, Michigan-based LG Capital. The seller was Income Property Organization (IPO). The deal closed on December 8, 2022.
The $33.8 million loan was financed through Freddie Mac.
“This was a great transaction all around to be a part of,” said Moll. “The buyer, seller and investment sales team were all very professional to work with. Freddie Mac really provided a phenomenal loan option for the buyer to grab a strong spread to close by year end. We ended up closing a three-property portfolio in about 45 days from application.”
“It was impressive to see the time-sensitive execution that LG Capital and their financing partner Berkadia demonstrated in a matter of six weeks. The deal closed exactly as contracted during very challenging market conditions, given rate volatility. Perhaps the most impressive execution I have seen in my 20 years and nearly 500 multifamily sales. I am eager to tell prospective sellers why they should do business with LG and their partners,” said sales broker Al Beachum (IPO).
The properties include Mulberry Apartments a 264-unit community, Robin Oaks a 132-unit community and Perrine Pointe a 53-unit community. These assets are all very well positioned within the market and provide strong housing options for residents in the area.