Berkadia Secures $23M Loan for Chicago-Area Assets

Ridge Garden Apartments and Indian Trails Apartments, two affordable multifamily properties in the greater Chicago area, will undergo capital improvements.
The Indian Trails Apartments in Chicago

The Indian Trails Apartments in Chicago

Berkadia secured $22.9 million in combined financing for two affordable multifamily assets in the Greater Chicago area. Senior Director Anthony Ansevin originated the acquisition loans for Ridge Garden Apartments and Indian Trails Apartments on behalf of a Southern California-based sponsor. Secured through Berkadia’s relationship with Freddie Mac’s Targeted Affordable Housing group, the loans feature partial interest only and higher leverage to fund planned capital improvements. 

Section 8 housing

The two project-based Section 8 communities include a combined 252 units and are both located in southern Chicago submarkets.

“We worked closely with the sponsor to understand their business plan to preserve affordable housing while reducing the environmental footprint of the communities through water and energy savings,” said Ansevin, in prepared remarks.  

Since securing their Freddie Mac TAH Seller Servicer license in 2015, Berkadia rapidly moved to become the third largest seller/servicer in affordable housing production in 2016.

Image via Google Street View