Berkadia Secures $108.3M Acquisition Financing for Two Apartment Properties in Michigan

by Kristin Harlow

GRANDVILLE AND WYOMING, MICH. — Berkadia has secured $108.3 million in acquisition financing through Fannie Mae for two apartment properties in Michigan. Torchlight Investors was the borrower. The Grandville property features a mix of studio, one-, two- and three-bedroom units. Amenities include a basketball court, pet area, fitness center and walking and biking trails. The Wyoming property offers upgraded units with vaulted ceilings and walk-in closets. Amenities include a fitness center, outdoor courtyard, swimming pools, tennis courts and storage facilities. Peter Benedetto of Berkadia arranged 12-year, fixed-rate financing for both properties.

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