Berkadia closed the financing of Lighthouse Ridge Apartments, a 52-unit, garden-style multifamily property in South Haven, Michigan, that will provide housing to residents earning between 30-80% of Area Median Income (AMI).
Associate Director James Grande of Berkadia Affordable Housing led the Berkadia team in securing $12.4 million in LIHTC equity on behalf of the developer, Wallick Development in partnership with Bogan Developments and Mno-Bmadsen. The deal marks Berkadia’s first closing with Wallick.
Once complete, the community will be comprised of 40 two-bedroom and 12 three-bedroom units housed in three garden-style buildings. It will also include a separate clubhouse, which will house the community space, management office, laundry room, fitness center and business center.
