Dealmaker: Berkadia Completes $33M Sale; Secures $27M for Michigan Multifamily

Berkadia completed the sale of and secured financing for Hillside Forest, a garden-style multifamily property in Oakland County, Mich.

Berkadia Senior Managing Director Kevin Dillon, Managing Directors Jason Krug and Rick Vidrio, Senior Director Rick Brace and Directors Charley Henneghan, Corey Krug and Carly Dietz represented Berger Realty Group Inc., Southfield, Mich. in the $32.5 million sale.

A Highgate Capital Group affiliate purchased the asset on July 26.

Robert Falese, Senior Managing Director in Berkadia’s Philadelphia office, secured $26.7 million in financing for the Hillside Forest acquisition. The fixed-rate 10-year Freddie Mac loan closed at a 3.87 percent interest rate with an 80 percent loan-to-value ratio.

Located at 30545 Crest Forest, Hillside Forest has one- and two-bedroom floor plans with walk-in closets and private patios or balconies.

Dillon noted the buyer plans a green energy improvement plan as well as interior unit renovations and improvements to the property’s amenities.

Berkadia also secured a $47.23 million construction loan for Stacy Pointe Apartments, a multifamily property to be constructed in Allen, Texas. Senior Director Chad Bedwell originated the loan through HUD. The 221(d)(4) construction loan for borrower Stacy Pointe Partners LP closed at an 85 percent loan-to-cost ratio. The borrower increased loan proceeds due to the improving interest rate environment.

The four-story Stacy Pointe Apartments will be constructed at 1845 Chelsea Blvd. near the North Central Expressway.