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Chicago & Midwest  + Midwest  + Finance  | 

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

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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
  • ◦Sale/Acquisition
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