Berkadia Secures Over $16.87 Million in Financing for Multifamily Property in Indiana
KANSAS CITY, Mo. – August 10, 2022 – Berkadia announced today the financing secured for Walnut Trails, a 210-unit garden-style multifamily property located in Elkhart, Indiana. Managing Director John J. Schorgl of Berkadia Kansas City secured the $16.875 million in permanent acquisition financing on behalf of the borrower, California-based Revitate Cherry Tree. The deal closed on July 29.
The 10-year loan was financed through Fannie Mae.
“This asset is a great addition to Revitate Cherry Tree’s workforce housing portfolio,” said Schorgl. “Berkadia is proud to be part of their continued rapid growth.”
Located at 3530 E Lake Drive North, Walnut Trails features one and two-bedroom units with walk-in closets and private patios or balconies. Community amenities include a swimming pool, a business center and a clubhouse. Residents are afforded convenient access to Wellfield Botanic Gardens, Elkhart General Hospital and the shops and restaurants near East Bristol Street.