Berkadia today announced the $75.13 million in combined financing secured for Dearborn View, Bedford Square and Delta Square Apartments, three garden-style multifamily properties in Michigan.
Director Aaron Moll of Berkadia’s Detroit office secured these loans on behalf of Valleytree Partners.
Dearborn View is located at 572 Tobin Drive in Inkster, Michigan. Moll secured a $31.5 million loan through a 10-year Fannie Mae SARM loan, which features five years of interest-only and a very aggressive interest rate below 2.70 percent. The deal closed on Dec. 8.
Dearborn View features one-, two- and three-bedroom floor plans with in-unit washers and dryers. Community amenities include a swimming pool, a fitness center, a clubhouse, laundry facilities and a sundeck. Residents are afforded convenient access to the shops and restaurants along South Telegraph Road and Michigan Avenue.
Bedford Square, located at 1685 Bedford Square Drive in Rochester Hills, Michigan, includes one- and two-bedroom floor plans featuring walk-in closets and floor-to-ceiling windows. Moll secured a $35.9 million loan with a bridge lender. The loan provides the borrower with 80 percent LTC, non-recourse and three years of interest-only payments. The deal closed on December 22.
The community’s amenities include a pool, a basketball court, a tennis court and laundry facilities. Residents are afforded convenient access to Dinosaur Hill Nature Preserve and Hawk Woods Nature Center.
Delta Square Apartments is located at 5332 W Michigan Avenue in Lansing, Michigan. Moll secured a $7.6 million loan through a 10-year Freddie Mac loan, which features a variable interest-rate below three percent, three years of interest-only payments and 75 percent loan-to-value-ratio.
The property features one- and two-bedroom floor plans with central air conditioning. Community amenities include an outdoor swimming pool, a sundeck, a dog park and laundry facilities. Residents are conveniently located near Sharp Park and the shops and restaurants long W Saginaw Highway.
