Berkadia Secures $49.1M in Financing for Multifamily Property in Strongsville, Ohio
Strongsville, Ohio – January 16, 2025 – Berkadia, a leader in the commercial real estate industry, announced today the financing of Chestnut Lake, a 788-unit, midrise multifamily property in Strongsville, Ohio. Managing Director Robert Lipson of Berkadia New York secured $49.1 million in acquisition financing through Fannie Mae on behalf of the sponsor, New Jersey-based Brookhaven Property Group.
Brookhaven Property Group, with a strong presence in the Southeast and Midwest, specializes in delivering growth-focused real estate investment opportunities.
The 10-year loan featured a 5.71% interest rate, a 30-year amortization schedule and closed 45 days after application.
“We are very pleased to have been part of the continued growth of our long-term client, Brookhaven Property Group,” said Lipson. “The deal was on a tight timeline, and we were glad to meet the timing needs of both the buyer and seller.”
“This project underscores Brookhaven’s continued commitment to enhancing workforce housing by allocating $5 million dollars towards upgrades to the units and the common areas, creating value for both the community and its investors,” said Josh Lapides, Brookhaven’s founder and CEO.
Located at 17721 Whitney Road, the property is located in the heart of Strongsville, at the intersection of the Ohio Turnpike and I-71, offering unparalleled convenience and connectivity. The property provides easy access to Hopkins International Airport, SouthPark Mall, and is just a quick 25-minute drive to Downtown Cleveland. Residents enjoy a variety of amenities, including an outdoor pool, grilling and picnic areas, a playground, fitness center, hair salon, and more. Chestnut Lake offers a range of thoughtfully designed floor plans, featuring both one-bedroom and two-bedroom apartments.