Berkadia recently secured a $15.1 million loan with Fannie Mae for Lofts on Alabama, a Class-A apartment community in Grand Rapids’ West Side neighborhood.
Director Aaron Moll of Berkadia’s Detroit office secured the permanent financing on behalf of an undisclosed entity and the deal closed April 3.
“We were excited to work on this transaction and get another one done across the Lofts of GR brand,” Moll said. “This new loan lowered the borrower’s rate by over 100 bps, extended amortization and interest-only period and removed recourse. We were happy to get this closed in wake of financial turmoil the capital markets are experiencing and provide the property some significant excess cash flow.”
Lofts on Alabama is a 100-unit Class-A apartment community with studio, one-, two- and three-bedroom floor plans located on 421 Alabama Ave. NW
Community amenities include a rooftop patio, an outdoor area with grilling stations and a community gathering space. This property is part of the Lofts of GR brand, which includes the GR PASS, providing tenants access to various amenities around the Grand Rapids community.
Moll also secured financing for two other Lofts of GR properties, Lofts on Michigan and Lofts on Ionia, in 2019.
Berkadia is a joint venture of Berkshire Hathaway and Jefferies Financial Group and services multifamily and commercial property clients. The group offers investment sales, mortgage banking, loan servicing and more.