Berkadia Completes $32.5 Million Sale and Secures Nearly $27 Million in Financing for Multifamily Property in Michigan

August 27, 2019

Berkadia Completes $32.5 Million Sale and Secures Nearly $27 Million in Financing for Multifamily Property in Michigan

August 27, 2019
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DETROIT and PHILADELPHIA – August 27, 2019 – Berkadia recently completed the sale of and secured financing for Hillside Forest, a garden-style multifamily property in Oakland County, Michigan. Senior Managing Director Kevin Dillon, Managing Directors Jason Krug and Rick Vidrio, Senior Director Rick Brace and Directors Charley Henneghan, Corey Krug and Carly Dietz, all of Berkadia’s Detroit office, completed the $32.5 million sale on behalf of the seller, Michigan-based Berger Realty Group, Inc. The buyers were affiliates of Highgate Capital Group, based in Chicago, and the deal closed on July 26.

“This was an outstanding transaction for both the buyer and the seller,” said Dillon. “The property was in excellent physical condition which contributed to this being a very smooth transaction.”

Senior Managing Director Robert Falese of Berkadia’s Philadelphia office also secured $26.78 million in financing on behalf of the buyer for the acquisition of Hillside Forest. The fixed-rate 10-year Freddie Mac loan features a 3.87 percent interest rate and an 80 percent loan-to-value ratio.

Located at 30545 Crest Forest, Hillside Forest residents are afforded convenient access to Twelve Oaks Mall, Robert H. Long Nature Park and the shops and restaurants along West 14 Mile Road. The property features one- and two-bedroom floor plans with walk-in closets, double-paned windows, air conditioning, dishwashers and private patios or balconies. Community amenities include a 24-hour fitness center, multiple tennis courts, a clubhouse, a swimming pool, a jogging trail and on-site maintenance.

“The excellent physical condition is a testament to the strength and quality of the property management by Berger Realty,” said Kevin Dillon. “The buyer is planning to implement a green energy improvement plan, as well as interior unit renovations and improvements to the property’s amenities and curb appeal.”