Berkadia Secures $12M in LIHTC Equity for Michigan Housing Property
Berkadia secured financing for Lighthouse Ridge Apartments, a 52-unit garden-style multifamily property in South Haven, Michigan.
Associate Director James Grande of Berkadia Affordable Housing led the Berkadia team in securing $12.4 million in LIHTC equity on behalf of the developer, Wallick Development, in partnership with Bogan Developments and Mno-Bmadsen. The deal marks Berkadia’s first closing with Wallick. “Lighthouse Ridge Apartments is a meaningful project for the South Haven market,” said Grande. “This investment supports the creation of new housing options that will benefit the broader community for years to come.”
Once complete, the community will include 40 two-bedroom and 12 three-bedroom units housed in three buildings. It will also include a separate clubhouse, which will house the community space, management office, laundry room, fitness center and business center.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout