McKinley Announces Major HUD Financings

June 9, 2013
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ANN ARBOR, MI McKinley, and the Detroit office of Berkadia Commercial Mortgage led by Ernie Katai, Senior Vice President and Regional Manager, closed two major HUD financings including a $18,080,000 223(f) HUD financing with an all-in rate of 3.5% for Evergreen Pointe Apartments, a 477 unit community located in Pittsfield Township, Michigan, and a $11,200,000 223(f) HUD financing with an all-in rate of 3.5% for Woods of Roundtree Apartments, a 228 unit community located in Ypsilanti Township, Michigan.

McKinley and Berkadiahave recently originated and together closed over $200 million in HUD financings for various McKinley communities located in numerous states including Illinois, Indiana, Florida and Michigan.

"Both Ernie Katai and Colin M. Callaghan have been extraordinary partners for us, shared Kenneth P. Polsinelli, Chief Real Estate Officer, McKinley. They have built an internal HUD team within Berkadia for McKinley allowing us to move quickly and take advantage of this very favorable interest rate and financing environment," said Polsinelli. He added, "Berkadia is uniquely qualified to originate a very large volume of HUD financings for us with superior execution."

McKinley and Berkadia enjoy a relationship which spans over 20 years in a variety of important ways. "We cherish our relationship with Hugh Frater and the entire Berkadia team and we can always count on them to deliver," said Albert M. Berriz McKinley's CEO.

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