Chicago & Midwest + Midwest + Finance | July 10, 2019

Berkadia Arranges CMBS Refi on Grand Rapids Mid-Rise

Berkadia has arranged the financing of Lofts on Michigan, a mid-rise multifamily property in Grand Rapids, MI. Aaron Moll of Berkadia’s Michigan office secured a $9,350,000 CMBS loan for the property refinance.

“This refinance provided the sponsor the ability to re-size the loan, extend to a 30-year amortization with some interest only and remove recourse, all while lowering the interest rate,” said Moll. “We were pleased to be a part of this transaction. Grand Rapids’ strong metrics allows it to continue to remain in a positive light for institutional capital.”

Lofts on Michigan was built in 2016 and features 54 units with ground floor retail space. Located at 740 Michigan St. NE, the property offers convenient access to Medical Mile and downtown Grand Rapids.

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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 13-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 15-20 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).