Berkadia financed two garden-style multifamily properties totaling 990 units in Grand Rapids, Michigan.
Managing director Andy Ahlers of Berkadia’s San Francisco office secured both refinance loans on behalf of the borrower, a San Francisco-based investor. The deals closed on Dec. 8.
Both 15-year Fannie Mae loans feature fixed interest rates below 3 percent with full-term interest-only payments. The combined loan amounts totaled $64.5 million.
“Grand Rapids is a terrific market and this long-term investor wanted to take advantage of the relatively flat yield curve by taking out 15-year loans,” said Ahlers. “With interest-only payments for the full 15 years, the ownership has now locked in tremendous cash flow protection.”
Both properties feature one- and two-bedroom floor plans with desirable amenities and locations proximate to local employment.
