Jeff Berger of Deerwood Capital recently closed three loans totaling $16 million in the Midwest. Two of the loans were retail deals financed using 10-year fixed CMBS execution and one was a multifamily property financed using a floating rate bridge loan.
The retail properties are located in Ohio and Indiana respectively, and the multifamily property, which is located in North Carolina, is owned by Midwest sponsors based in Michigan and Illinois. The multifamily loan was the second deal Berger closed for this sponsor; the first deal was a multifamily property located in Michigan.
The Ohio loan was a refinance of a property that the Sponsor, Transworld Properties, has owned since the early 1990s. The retail property is located at 25 W. Firestone Blvd. in Akron, Ohio.
Washington Place is located at 10105 E. Washington St. in Indianapolis. The sponsor, ABS Management, acquired the property as a way to continue to grow its portfolio.
