The Detroit office of Berkadia Commercial Mortgage LLC recently closed $33.2 million in financing for two multi-family properties located in Ann Arbor, Mich.
Senior vice presidents Ernie Katai, Pete Benedetto and Colin Callaghan worked with Albert Berriz of McKinley, a commercial real estate investment and management firm, to secure the 35-year, fixed-rate loans through Berkadia’s FHA/HUD program.
Berkadia first closed an $18 million loan for Meadowbrook Village Apartments, located at 1550 Brookfield Drive, in Ann Arbor. The loan, which will be used to refinance an existing mortgage on the property, includes a 2.9 percent interest rate and an 80 percent loan-to-value ratio. The property features 217 one- and two-bedroom units and is currently 100 percent occupied. Amenities include a two-acre dog park, a clubhouse business center and a butterfly garden.
Berkadia also arranged $15.2 million for Park Place Apartments. The loan also features a 2.9 percent interest rate and an 80 percent LTV ratio. Located at 1980 Pauline Boulevard, the property consists of 312 one- and two-bedroom units and is 100 percent occupied. Amenities include a pool, fitness center and playground.
