Berkadia Lines Up Acquisition Loan for Indiana Student Housing
Berkadia recently secured financing for The Annex of New Albany, a student housing property in New Albany, IN, near Louisville. Managing director Jason Brown and senior real estate analyst Sam Orman of Berkadia Indianapolis secured the $8.88 million in acquisition financing on behalf of the borrower, Indiana-based Zidan Management Group.
The three-year bridge loan was financed through Old National Bank. It features a 3% floating interest rate.
“The bridge loan closed in 30 days and provides a flexible structure for Zidan Management Group to reposition the property and make the asset ready for permanent takeout,” said Brown.
Located at 4100 Prestwick Sq., The Annex of New Albany is a 141-unit property featuring studio, one-, two-, and three-bedroom floor plans, sitting adjacent to Indiana University Southeast. Community amenities include a clubhouse with a resident lounge, a 24-hour fitness center, laundry facility and a leasing office.
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).