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Chicago & Midwest  + Midwest  + Finance  | 

Fannie Mae Loan Goes to Detroit-Area Multifamily

Berkadia has arranged $23.12 million in financing for Ashford Apartments, a garden-style multifamily property in the affluent Detroit suburb of Shelby Township, MI.

Colin Callaghan and Peter Benedetto of Berkadia’s Detroit office secured the permanent refinancing for Ashford 180 LLC, an affiliate of MJC Companies.

The 15-year Fannie Mae loan features a 30-year amortization and 75% loan-to-value ratio.

“This transaction was driven by having both a strong, experience borrower, as well as an excellent property,” said Callaghan. “This allowed us to lock rate and close on this loan quickly. It continues a trend we have been seeing among our clients, specifically a desire to lock in current low interest rates for a long period of time.”

Located at 48377 Commonview Dr., Ashford Apartments features two-bedroom floor plans with nine-foot ceilings, full-sized dining areas, in-unit laundry, energy-efficient glass windows and doors, tiled bathrooms, open living spaces and private home entrances.

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Inside The Story

Connect With Berkadia’s Callaghan and Benedetto

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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