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Berkadia’s Mid Markets Group Does Deals in IN, IA
Berkadia arranged the sales of The Landing of Clinton in Clinton, IA and Indian Springs in South Bend, IN, two multifamily properties totaling 758 units. Berkadia’s Mid Markets Group, including Alex Blagojevich, Michael Sullivan, Ralph DePasquale, Chris Bruzas and Parker Stewart, together completed the two sales on behalf of their respective sellers.
Deal terms weren’t disclosed, although Berkadia’s Peter Benedetto secured $28.48 million in acquisition financing for Indian Springs. “In the case of The Landing of Clinton, the buyer assumed an interest-only Freddie Mac loan and benefitted from six remaining years of a tax abatement. This combination created an attractive opportunity for the buyer to generate an above-market return on investment,” said Blagojevich.
He continued, “In the case of Indian Springs, our capital markets team was able to secure low cost Freddie Mac debt for the buyer, ultimately creating an opportunity for the buyer to generate a very strong yield.”
Pictured: The Landing of Clinton.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
