Berkadia closed a $34.6 million Low-income Housing Tax Credit (LIHTC) investment that will facilitate the new construction of Apartments on Clark, a mid-rise multifamily property in Pittsfield Township, Michigan.
Apartments on Clark will consist of 295 units in two four-story buildings, accommodating family households with a mix of one-, two-, and three-bedroom units at Area Median Income (AMI) levels ranging from 40 to 60 percent.
Residents will enjoy amenities such as a resort style swimming pool with expansive pool deck, grilling area, community-wide Wi-Fi, outdoor lounge, modern architecture, electric vehicle charging stations, community room, and a state-of-the-art fitness center. In addition, the community will offer pet friendly services, including a dog park and a pet washing spa.
Permanent financing for the project will include permanent debt from Michigan State Housing Development Authority (“MSHDA”), MSHDA provided HOME and TCAP loans, a General Partner Loan, and proceeds from 4 percent Low-Income Housing Tax Credits.
With a more than $1 billion LIHTC equity portfolio, Berkadia’s LIHTC syndication team has helped finance the development of more than 9,600 units of affordable housing across more than 99 properties. In 2022, Berkadia had over $5.2 billion in affordable housing transaction volume across its three business lines comprised of mortgage banking, investment sales, and tax credit syndication.
