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Berkadia Closes $40M Sale of Grand Rapids Apartments

Berkadia arranged the $40-million-plus sale of a two-property multifamily portfolio in Grand Rapids, MI, totaling almost 400 units.

The firm’s Detroit-based Jason Krug, Kevin Dillon, Rick Vidrio, Rick Brace, Corey Krug, Carly Dietz and Charley Henneghan completed the sale on behalf the New York-based seller. The buyer was an Indiana-based undisclosed entity.

Senior Managing Director Richard Levine of Berkadia’s Atlanta office secured the financing for the acquisition of the property.

“There was a tremendous amount of interest generated for the portfolio,” said Jason Krug. “Grand Rapids continues to be a destination for many regional and national investors, as we received offers from all over the country.”

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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 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).