The Detroit office of Berkadia Commercial Mortgage LLC recently originated $29.3 million for two multi-family properties located in Ypsilanti and Pittsfield Township, municipalities located near Ann Arbor, Mich.
Senior vice presidents Ernie Katai, Pete Benedetto and Colin Callaghan worked with borrower McKinley, a commercial real estate investment and management firm, to secure the loans through Berkadia’s FHA/HUD program.
Katai and his team arranged $18.1 million for Evergreen Pointe Apartments, which is located at 3089 Woodland Hills Drive in Pittsfield Township, Mich. The 35-year, fixed-rate loan will be used to refinance existing debt on the property.
Katai’s team also arranged $11.2 million for Roundtree Apartments. The 35-year loan, which will be used to refinance the property, includes a 2.9 percent fixed-interest rate and an 80 percent LTV ratio. Located at 2835 Roundtree Boulevard in Ypsilanti, Mich., Roundtree Apartments features 228 one- and two-bedroom units, as well as a pool, sauna and on-site fitness center.