Finance V Michigan

Berkadia provides $23 million in financing for Michigan apartment complex

Berkadia provides $23 million in financing for multifamily property in Mich,ph01

Berkadia provided $23.12 million in financing for Ashford Apartments, a garden-style multifamily property in Shelby, Michigan. Senior Managing Directors Colin Callaghan and Peter Benedetto of Berkadia’s Detroit office secured the permanent refinancing on behalf of Michigan-based Ashford 180 LLC, an affiliate of MJC Companies. The deal closed on April 25.

The 15-year Fannie Mae loan features a 30-year amortization and a 75 percent loan-to-value ratio.

Located at 48377 Commonview Drive, Ashford Apartments features two-bedroom floor plans with nine-foot ceilings, full-sized dining areas, in-unit laundry, energy-efficient glass windows and doors, tiled bathrooms, open living spaces and private home entrances.

Community amenities include a resort-style pool and a sundeck, professional landscaping and various health and fitness clubs. Residents are afforded convenient access to Barclay Lake, Woodall Neighborhood Park, Burgess-Shadbush Nature Center, the restaurants along Rochester Road and the shopping in downtown Rochester.