The Chicago office of Berkadia Commercial Mortgage LLC recently closed a total of $36.1 million through the U.S. Department of Housing and Urban Development’s (HUD) 223(f) program for three multifamily properties in Illinois, Michigan and Wisconsin.
The Berkadia team – consisting of Senior Vice President Len Deering CCIM, Senior Vice President Tom Sigrist and Vice President Paul Matusiak – originated all three 35-year, fixed-rate loans, which are fully amortizing and feature 80 percent loan-to-value ratios.
First, Deering, Sigrist and Matusiak worked with borrower Riverview Apartments LLC to arrange $3.5 million for the refinancing of Riverview Apartments, located at 101 Western Ave. in Fond du Lac, Wisconsin. Consisting of 101 one-bedroom units, the community features amenities including a community dining room, regular group social activities and convenient access to public transportation. The property is currently 98 percent occupied.
The Berkadia team also secured $17.2 million for borrower Eastpointe Townhomes LLC to refinance Georgetown Commons Apartments. The community, located at 19345 Gaynon Drive in Clinton Township, Michigan, features 360 one-, two- and three-bedroom townhome-style units and is presently 97 percent occupied. Amenities include in-unit laundry appliances and convenient access to major area highways.
Finally, Berkadia originated $15.4 million for Old Orchard Residences, located at 10104 Old Orchard Court in Skokie, Illinois, just north of Chicago. The borrower, Mosaic Old Orchard LLC, will use the funds to refinance existing debt on the property. Originally built in 1961, Old Orchard Residences features 144 one- and two-bedroom units, which are currently about 98 percent occupied. The community features a number of amenities, including a pool and on-site laundry facilities, and is located within walking distance of the Old Orchard Shopping Center.
