Berkadia recently arranged $18.3 million in financing for Polo Club Apartments, a multifamily property located in Farmington, Michigan.
Senior managing director Jeff Kinney of the Jacksonville, Florida, office secured the 10-year, fixed-rate loan through Bedrock Capital Associates, LLC.
The borrower, Polo Club Limited Partnership, will use the loan to refinance existing debt on the property. Loan terms include a 4.46 percent interest rate, three years of interest-only payments, a 70 percent loan-to-value ratio and a 30-year amortization schedule.
Polo Club Apartments is currently 99 percent occupied and features 281 units with one- and two-bedroom floor plan options. Community amenities include a fitness center, pool, two tennis courts, scenic ponds with fountains and access to the Interstate-275 bike trail. Located at 39352 Polo Club Drive, the property is about 30 miles northwest of Detroit.
