October 27, 2016
McKinley announced today that it has secured long term financing from Fannie Mae and Berkadia for State Street Village, a newly built market rate apartment community adjacent to the grounds of the University of Michigan athletic campus in Ann Arbor, Michigan. The newly built 78-unit apartment community was leased up in record time, and is part of several communities McKinley has built in Ann Arbor and Fenton over the past several years, all of which have been financed with Fannie Mae and Berkadia.
"We continue our core strategy to secure very favorable long-term fixed rate financing for our generational Multifamily holdings," offered Jim Willett, Senior Vice President and Managing Director - Finance. "We have essentially completed our efforts to secure very favorable long term debt in this low interest rate environment for our existing Multifamily portfolio, and now our focus has turned to securing similar favorable long-term financing for our acquisition pipeline," added Willett.
Additionally, McKinley also announced today that it had secured long-term financing for Bayside Villas and Bayside Villas East, both located in South Pasadena, Florida. The communities which total 70 units are recent acquisitions and were redeveloped to become part of the McKinley Beach brand, a luxury collection of bayfront and beachfront apartment communities located on the barrier islands of Pinellas County, Florida. Financing was provided by The PrivateBank. The properties were leased up in record time and the successful lease ups allowed McKinley to move quickly and secure favorable long-term financing ahead of schedule.
"Jim and his team have done a superb job engineering an outstanding mix of debt sources including HUD, Fannie Mae, and commercial bank financing, which collectively have delivered a fortress position allowing us to achieve our long-term goals for our Multifamily portfolio. We have an extraordinary collection of Multifamily assets located in Florida, Michigan, Indiana, Illinois and Georgia, and the work Jim has done has allowed us to position that portfolio for the long-term on a base of strong recurring cash flow and liquidity," added Albert M. Berriz, CEO, Managing Member and Co-Owner of McKinley.
July 7, 2015
McKinley announced today the successful closing of a $32,958,000 Credit Tenant Lease financing with KeyBank Real Estate Capital for FirstEnergy Plaza located in downtown Akron, Ohio. After recently executing a long term lease with FirstEnergy Corp., McKinley has secured very favorable financing that will allow it to execute major improvements at the tower, providing a world class facility for its tenant, FirstEnergy Corp.
"We have a long term partnership with FirstEnergy, and we are both very committed to downtown Akron. We are excited to execute major improvements to their corporate facility, and further enhance the quality of living in Downtown Akron for FirstEnergy, it's team members, its customers and all stakeholders in the community," announced Albert M. Berriz, McKinley's President and Chief Executive Officer. "We are also pleased that KeyBank Real Estate Capital partnered with us on this transaction, KeyBank is equally committed to the State of Ohio, and they took great pride assisting McKinley in the complex financing of FirstEnergy Plaza," added Berriz.
"We are passionate about Akron and our long term investment in the community which now spans over 25 years. Akron's continued growth is driven by research, development, and the service sector. Offering one of the nation's best distribution and transportation networks, a favorable tax structure and a trained labor force of varied skills, Akron is a community positioned for growth and we are committed to its growth as well," further added Berriz.
Strategically located in the center of downtown Akron, the FirstEnergy Tower is a 335,000 square foot 19-story Class A office building. The building is equipped with 8 elevators, unparalleled views of the downtown and the Cuyahoga Valley, it has a number of restaurants and service oriented retailers on the first floor. Convenient, walkable, vibrant, and with adjacent parking for 1,300 vehicles in an attached six-level, above-ground recently renovated parking structure. FirstEnergy Tower is part of a larger twin tower development owned by McKinley which includes Akron Center Plaza. Akron Centre is a 195,000 sf 12-story Class A office building. The entire development totals 530,000 square feet, and it is the premier office location in the Akron/Cleveland region.