Berkadia arranges $ 8.9 million student housing loan in New Albany, Indiana

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The New Albany Annex is adjacent to the southeast of Indiana University.

NEW ALBANY, IND. – Berkadia arranged a $ 8.9 million bridging loan to acquire The Annex of New Albany, a 141-unit student residence in New Albany, near Louisville. The hotel is located at 4100 Prestwick Square, adjacent to the Southeast District of Indiana University. Jason Brown and Sam Orman of Berkadia Indianapolis arranged a bridging loan on behalf of a borrower, Zidan Management Group Inc. from Indiana. The old national bank provided a three-year loan with a floating interest rate of 3%. David Gaines, Scott Clifton and Kyle Butler of JLL Capital Markets represented the seller, The Annex Group, on the $ 11.8 million sale.

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