McKinley Closes $157,915,800 in New Financing in DecemberJanuary 4, 2016
McKinley is pleased to announce that in the month of December it has successfully closed $157,915,800 in long-term permanent financing with Berkadia Commercial Mortgage utilizing HUD 223(f) mortgages. The debt has a thirty-five year term and an average interest rate of 3.27%. These new loans support six communities in Ann Arbor and Orlando. This strategic financing provides favorable fixed-rate debt which will enable McKinley to continue making significant investments in these communities providing residents with world-class service and homes.
“We are pleased to partner again with Berkadia, and with HUD, to provide exceptional financing for our multifamily communities,” stated Kenneth P. Polsinelli, McKinley’s Chief Real Estate Officer. “Long-term, fixed rate debt aligns well with our generational assets and our multi-decade commitment to our communities. Our experienced teams worked hand in hand, and we are proud that we were able to complete all of these closings in less than 10 days,” added Polsinelli.
“McKinley is an established, best-in-class owner and operator of apartment communities who we are privileged to work with,” said Justin Wheeler, CEO of Berkadia. “We are committed to providing the best financing options available for all of our clients and have successfully closed 48 loans exceeding $757,000,000 in HUD financing over the last few years with McKinley, which has proven to be an extraordinary relationship for us.”
"Our team is proud of our ability to execute, and we are excited to partner with Berkadia on these critical transactions. We receive tremendous support from the Detroit office; they do an exceptional job on our behalf, “offered Albert M. Berriz, McKinley’s CEO. “Importantly for us, Ann Arbor and Orlando are two of McKinley’s core markets and comprise a multi-billion dollar portfolio. It is critical to our efforts that we have been in these markets three and four decades, we have seasoned executives living in these markets and we enjoy significant market presence in each case,” added Berriz.