DETROIT – March 25, 2021 – Berkadia today announced the financing secured for Maple Village Apartments, a 240-unit garden-style multifamily property in Southgate, Michigan. Senior Managing Director Colin Callaghan, along with Managing Directors David Sibbold and Terry Halverson of Berkadia’s Detroit office secured the $18.1 million in HUD financing for the property on behalf of the borrower, an undisclosed entity. The deal closed on February 26.
The HUD 223(f) loan features a 2.13 percent interest rate and a 72 percent loan-to-value ratio.
“We were lucky to have both a HUD experienced borrower who was very involved in the process, as well as a great team at HUD Detroit that allowed this deal to be processed and close quickly,” said Callaghan. “As a result, the borrower was able to take advantage of the extremely low interest rate environment.”
Located at 15685 Goddard Road, Maple Village Apartments features one- and two-bedroom floor plans with vaulted ceilings, central air conditioning, dishwashers, in-unit washers and dryers, large walk-in closets and private balconies. Community amenities include a basketball court, a fitness center, grilling stations, a clubhouse and a tennis court. This property provides residents with easy access to Interstate 75 and the shops and restaurants at the intersection of Allen Road and Goddard Road.