REBusinessOnline

Berkadia Originates $23M Refinancing for Apartment Property in Shelby, Michigan

Ashford Apartments is located at 48377 Commonview Drive.

SHELBY, MICH. — Berkadia has originated a $23 million Fannie Mae loan for the refinancing of Ashford Apartments in Shelby, about 30 miles north of Detroit. Located at 48377 Commonview Drive, the apartment property features two-bedroom floor plans. Amenities include a resort-style pool, sundeck and various health and fitness clubs. Colin Callaghan and Peter Benedetto of Berkadia originated the 15-year loan, which features a 30-year amortization schedule and a loan-to-value ratio of 75 percent. Michigan-based Ashford 180 LLC, an affiliate of MJC Cos., was the borrower.

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