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Berkadia lands $12.4M in LIHTC equity for Michigan housing project

The 52-unit Lighthouse Ridge Apartments in South Haven will be built with 40 two-bedroom and 12 three-bedroom units across three buildings.

Reported · Written up by our desk · Residential

Berkadia secured $12.4 million in Low-Income Housing Tax Credit equity for Lighthouse Ridge Apartments, a 52-unit garden-style multifamily property in South Haven, Michigan, according to ConnectCRE.

Associate Director James Grande of Berkadia Affordable Housing led the team in arranging the LIHTC equity on behalf of developer Wallick Development, with Bogan Developments and Mno-Bmadsen involved in the deal.

ConnectCRE said the project will include three buildings with 40 two-bedroom units and 12 three-bedroom units, along with a separate clubhouse covering community space, a management office, laundry room, fitness center, and business center.

The outlet added that the transaction represents Berkadia’s first closing with Wallick.

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