McKinley Celebrates Loan Closing in Ann ArborNovember 2, 2010
November 2, 2010
Contact: Mary S. Williams
734-769-8520 ext. 244
FOR IMMEDIATE RELEASE
McKinley, thanks to a strong partnership with Ernie Katai and his team at Berkadia, is pleased to announce the closing of a $30,580,000 loan with the Department of Housing and Urban Development on Glencoe Hills apartments, in Ann Arbor, Michigan.
Ken Polsinelli, Chief Real Estate Officer:
This important loan reflects the significant investment that McKinley continues to make in its communities. McKinley's long-term investment in our people and in our real estate, in combination withour passionate commitment to "WOWing" our customers, enabled our team to excel and to take advantage of this opportunity. We are thrilled with this display of confidence by the capital markets, particularly in these difficult times, and we are even more pleased that this result will allow us to provide for our team members and customers in Washtenaw County.
Jim Willett, Treasurer:
"The Glencoe Hills loan is a first step in a series of transactions that begins to position our owned assets with long term financing while lowering the overall cost of capital and debt service. The thirty-five year term is a perfect match for our long term investments in apartment communities and allows for flexibility in the future on refinancing. The effective execution by Berkadia and an internal team across disciplines within McKinley made the delivery flawless on this $30,588,000 loan."
Albert M. Berriz
"We cherish our long term partnership with Ernie and his team at Berkadia and our good friends at the Department of Housing and Urban Development. This transaction is an important element in our very favorable positioning of our balance sheet for the long term"