May 3, 2019
Berkadia has arranged $23.12 million in financing for Ashford Apartments, a garden-style multifamily property in the affluent Detroit suburb of Shelby Township, MI.
Colin Callaghan and Peter Benedetto of Berkadia’s Detroit office secured the permanent refinancing for Ashford 180 LLC, an affiliate of MJC Companies.
The 15-year Fannie Mae loan features a 30-year amortization and 75% loan-to-value ratio.
“This transaction was driven by having both a strong, experience borrower, as well as an excellent property,” said Callaghan. “This allowed us to lock rate and close on this loan quickly. It continues a trend we have been seeing among our clients, specifically a desire to lock in current low interest rates for a long period of time.”
Located at 48377 Commonview Dr., 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.
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