Berkadia Lines Up Acquisition Loans on Indy Metro Apartments
Berkadia arranged financing for Barton Farms and Bexley Village, two multifamily properties located in Greenwood, IN, near Indianapolis. Managing director Jason Brown and senior real estate analyst Austin Katai of Berkadia Indianapolis secured the $56.7 million in acquisition financing on behalf of the borrower, Indiana-based Zidan Management Group.
The five-year bridge loan was financed through CBRE Global Investors. It features a 3.25% interest rate.
“The non-recourse bridge loan closed in 36 days and provides for future funding for Zidan Management Group to implement a capital improvement and rent growth strategy,” said Brown.
“The upward trend in demand for apartment-style living will continue as we navigate the ‘new normal,’” said Zidan Management founder Raed Zidan. “Comfort, convenience, healthy living and work-life balance are top of mind and these two communities provide just that. They are a great addition to our family of properties throughout Indiana, Michigan, Illinois and Ohio.”
Pictured: Bexley Village. Photo courtesy Zidan Management Group.