McKinley Continues Execution of Major HUD Financing PipelineJune 19, 2013
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 $15,200,000 223(f) HUD financing with an all-in rate of 3.50% for Park Place Apartments, a 312 unit community located in Ann Arbor, Michigan, and a $18,000,000 223(f) HUD financing with an all-in rate of 3.57% for Meadowbrook Village Apartments, a 217 unit community also located in Ann Arbor, Michigan.
McKinley and Berkadia have recently originated and together closed over $230 million in HUD financings for various McKinley communities located in numerous states including Illinois, Indiana, Florida and Michigan.
"We continue to have great success with our pipeline effort shared Kenneth P. Polsinelli, Chief Real Estate Officer, McKinley. McKinley's designated HUD team within Berkadia is allowing us to move quickly and take advantage of this very favorable interest rate and financing environment," said Polsinelli. He added, "The results speak for themselves and it is clear that Berkadia is uniquely qualified to originate a very large volume of HUD financings for us with superior execution."
"We hope to refinance most of our long term holdings with 35 year debt at rates in the 2.5% to 3.5% range once completed. These are generational assets and the very favorable debt will be enormously accretive to long term asset value," added Albert M. Berriz, McKinley's CEO.