SOUTH ORANGE, NJ- Berkadia Commercial Mortgage has completed three deals totaling $27.75 million to finance apartment properties, two of them in northern New Jersey and one in New York.
Berkadia’s John Motzel arranged a $10.4 million Freddie Mac loan for The Ridgewood Commons, an art deco apartment building in South Orange. A prior loan encumbered an additional commercial property, which was released with the new 10-year, fixed-rate financing.
Motzel also recently closed a Freddie Mac loan for the Bristol Court Apartments in West New York, NJ. Working with broker Andy Jonas of the Kislak Company, Motzel secured an $8.35 million refinance loan. The 10-year, fixed-rate loan replaced an existing mortgage and reduced debt service payments.
“We were able to structure the loan to allow the borrower to reduce their interest rate substantially and cash out additional proceeds to continue on their impressive capital improvement plan,” said Motzel.
In Syracuse, New York, Berkadia’s Nick Cassino originated $9 million in Freddie Mac financing for a Rugby Square Apartments. Cassino worked with brokers and Aurora Capital Advisors Morgan to originate the 10-year loan, used to refinance an existing mortgage on the 216-unit property.
This is one of several properties that Berkadia worked on with Aurora Capital Advisors. Late last year, a $13.8 million loan for the Park Place Apartments in South Park, PA, was secured by the same team.
Berkadia Commercial Mortgage managed a portfolio of more than $200 billion as of year-end 2012. The lender offers clients access to capital for acquisition, construction, rehabilitation or refinance of multifamily and commercial real estate properties.