Detroit-Area Community Scores $23M Refi

Berkadia secured a 15-year Fannie Mae loan for the 180-unit garden-style property located less than 5 miles from downtown Rochester.
Ashford Apartments
Ashford Apartments. Image courtesy of Yardi Matrix

Ashford 180 LLC, an affiliate of MJC Cos., has received $23.1 million for the refinancing of Ashford Apartments, a garden-style community in Shelby Township, Mich. Berkadia secured the 15-year Fannie Mae loan with a 30-year amortization and a 75 percent loan-to-value ratio.

Located at 48377 Commonview Drive, only 4.4 miles away from downtown Rochester, the property is close to Michigan Highway and Interstate 75. The property provides quick access to Barclay Lake, Woodall Neighborhood Park and Burgess-Shadbush Nature Center.

Ashford Apartments features 180 units with two-bedroom floorplans ranging from 1,310 to 1,567 square feet. According to Yardi Matrix data, the property consists of 23 two-story buildings completed in 2010, with the community 92.8 percent occupied as of March. Common-area amenities include a resort-style pool, sundeck, fitness clubs and 270 parking spaces.

Berkadia’s Senior Managing Directors Colin Callaghan and Peter Benedetto of the Detroit office secured the permanent refinancing on behalf of the borrower.

“This transaction was driven by having both a strong, experienced borrower, as well as an excellent property,” Callaghan said in prepared remarks. “This allowed us to lock rate and close on this loan quickly. It continues a trend we have been seeing among our clients, specifically a desire to lock in current low interest rates for a long period of time.”

Berkadia has also recently arranged a $13.6 million Freddie Mac refinancing loan for a Florida Gulf Coast community. Charles Foschini, Chris Apone and Lourdes Carranza-Alvarez from the company’s Miami office secured the loan on behalf of the owner.