Berkadia Provides $35M Refi for Detroit-Area Multifamily Apartment Complex

Fenton Management Company has secured $35.2 million to refinance Indian Lake Village Apartments, a 394-unit multifamily community located just outside of Detroit, Mich., Commercial Observer can first report., 

Berkadia originated the 10-year, fixed-rate loan, which will be securitized by Freddie Mac, while Berkadia’s Wesley Moczul arranged the transaction, along with Scott Wadler, Matt Robbins and Brad Williamson. 

Berkadia’s Moczul noted in a statement that Indian Lake Village Apartments has been well maintained by strong sponsorship, and that it resides in a desirable suburban market near downtown Detroit. 

He also pointed to the role Freddie Mac played in securing the financing terms. 

“Freddie Mac delivered an attractive long-term execution that allows the sponsor to capitalize on favorable financing terms while continuing to benefit from the property’s strong fundamentals and resident demand,” he said. 

Located at 3001 Lake Village Boulevard in Lake Orion, a village 25 miles north of Detroit, Indian Lake Village Apartments sits on 58 acres of land and opened between 1995 and 1997. 

The building features 27 different residential buildings that include two-story apartment complexes and townhomes that include one-bedroom and two-bedroom units. 

The overall community includes amenities such as a community clubhouse, a fitness center, a business center, a swimming pool, both tennis and volleyball courts, an entertainment room and library, as well as covered parking. 

Brian Pascus can be reached at bpascus@commercialobserver.com