Berkadia today originated a $15.1 million loan with Fannie Mae secured for Lofts on Alabama, a Class-A apartment community in Grand Rapids, Michigan’s West Side neighborhood.
Director Aaron Moll of Berkadia’s Detroit office secured the permanent financing on behalf of an undisclosed entity. The deal closed on April 3.
Lofts on Alabama is a 100-unit Class-A apartment community that features studio, one-, two- and three-bedroom floor plans. Community amenities include a rooftop patio, an outdoor area with grilling stations and a community gathering space. This property is part of the Lofts of GR brand which includes the GR PASS providing tenants access to various amenities around the Grand Rapids community.
In 2019, Moll also secured financing for two other Lofts of GR properties, Lofts on Michigan and Lofts on Ionia.
