June 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.
June 18, 2013
Read all about McKinley's HUD financing on Globest.com
June 16, 2013
Read all about McKinley's $29 million HUD financing in Annarbor.com.
June 9, 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 $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."
June 6, 2013
Read this great article about how McKinley was able to secure a $6 million loan to make their Taylor property environmentally friendly on Multifamilyexecutive.com
June 5, 2013
NORFOLK, VIRGINIA - McKinley and KeyBank closed a $60 million CMBS first mortgage financing for JANAF Shopping Yard, a one million square foot regional power center anchored by BJ's and Wal-Mart Supercenter. JANAF is located in the heart of Norfolk Virginia at the main intersection of Military Highway and Virginia Beach Boulevard. JANAF is one mile from the airport and eight miles from the Norfolk Central Business District.
McKinley has owned JANAF for over 20 years, originally acquiring the property as a 600,000 square foot distressed asset from the RTC. Today its a fully redeveloped vibrant center that is 97% occupied with a solid list of tenants that serve the needs of the US Navy and United States Coast Guard community in the region. Tenants include TJ Maxx, Panera Bread, Hooters, Navy Federal Credit Union,Sports Authority, OfficeMax, CitiTrends and Petco.
"KeyBank did a marvelous job for us with this financing, they understand us and the asset very well, and we could not have asked for better execution" offered Ken Polsinelli McKinley's Chief Real Estate Officer. "This is a very large transaction in today's CMBS environment and they didn't miss a beat throughout the entire process from concept to close," added Polsinelli.
June 2, 2013
Check out this great article on REJournals.com featuring McKinley-Avanath's expansion into Michigan, Texas and Tennessee with six LIHTC communities in Detroit, Houston, Dallas and Memphis.
June 2, 2013
ANN ARBOR, MI & IRVINE, CA Albert M. Berriz and Daryl J. Carter, Co-CEO's of McKinley-Avanath announced today that they have expanded their affordable housing management platform in Michigan, Texas and Tennessee with six LIHTC communities in Detroit, Houston, Dallas and Memphis.
"We have operated in Michigan, Texas and Tennessee for many years and therefore are thrilled to expand McKinley-Avanath in these markets all while continuing our efforts to bring the very best in affordable housing alternatives in all of the markets we operate, stated Berriz.
Daryl and I are passionate about our work in affordable housing, as an immigrant Cuban-American and an African American respectively, we identify, understand and know how important it is for our residents to have a positive quality housing alternative close to jobs so their families can grow and prosper," commented Berriz.
"Having an opportunity to do our work in the city of Detroit is very personal and exciting to me, shared Daryl J. Carter. I grew up in Detroit, I am a proud graduate of Cass Tech and spent much of my formative years in the downtown which was a wonderful place to be. We are honored to have an opportunity to participate in all the good work going on in Detroit and we look forward to making a difference!" added Carter.
McKinley-Avanath announced today a portfolio of six communities that has been added to its affordable housing portfolio including: Genesis Villas, Detroit; Chaparral Apartments, Dallas; Cullen Park, Houston; Eagles Landing, Memphis; April Woods, Memphis; and Harmony Woods, Memphis.
McKinley-Avanath is actively involved managing affordable communities located in Dallas, Houston, Memphis, Orlando, Indianapolis, Chicago, Pontiac, Detroit, Battle Creek and Flint/Burton for its own investment platform and for select institutional clients.
May 30, 2013
ORLANDO, FL McKinley Commercial Client Services is pleased to announce it has been selected as Property Manager by a valued institutional client. Poinciana Place, a 100,532 square foot retail center located in Southwest Orlando and in the heart of numerous tourist and shopping attractions is comprised of three buildings and is anchored by a Publix grocery store. Publix is one of the largest and fastest growing employee-owned supermarket chains in the country. Other retailers in the Center include Subway, Burger King and Smokey Bones. McKinley has extensive experience in the region having owned and operated numerous Commercial and Residential assets throughout the state of Florida since 1982.
We are pleased to add this property to our numerous efforts in Florida, commented Matthew D. Mason, Managing Director, Real Estate, McKinley. We appreciate the opportunity to once again utilize our expertise and track record in this market, one that we know well and have extensive experience, shared Mason.
May 16, 2013
Ann Arbor, MI - McKinley is pleased to announce that Commercial Client Services has completed another successful disposition on behalf of our valued institutional client. The property, Whiting Town Center, is a 3,003 square foot retail out lot located in Manchester, New Jersey. McKinley was appointed as Receiver in June of 2011 and was later retained as Property Manager. During McKinleys tenure managing the property, a successful tax appeal was completed, operating costs were reduced and the appearance of the property improved which enabled an effective transaction.
I am once again proud of our team with the completion of this most recent disposition on behalf of our important client, stated Matthew D. Mason, Managing Director, Real Estate for McKinley. We appreciated the opportunity to reach a successful outcome for the stakeholders, shared Mason.