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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.
- ◦Financing
