NEW YORK CITY-The New York office of Berkadia Commercial Mortgage has closed three loans totaling $57.9 million for multifamily properties located in Massachusetts, Washington and California.
SVP Robert Lipson worked with borrower Chestnut Hill Realty to arrange $32 million, through Freddie Mac, to refinance the Hancock Village II apartments in Chestnut Hill, MA. The five-year, fixed-rate loan features a 3.21% interest rate and 65% loan-to-value ratio. Located just outside Boston, the 158 units feature one-, two- and three-bedrooms and are 95% occupied.
“We’ve consistently delivered high-quality service for this borrower, who has been a valuable long-time client of Berkadia’s,” says Lipson. “We leveraged our formidable expertise in GSE financing and multifamily housing to quickly establish a rate lock, as well as a final value for the property, allowing the borrower to maximize loan proceeds while investigating opportunities for redevelopment.”
Additionally, SVP Stewart Campbell secured $15.9 million for the acquisition of Abbey Rowe, a military housing property located in Olympia, WA. Campbell worked with borrower BLT ACP Abbey Rowe to arrange the financing through Fannie Mae. The 10-year, fixed-rate loan closed just 40 days from application and features a 70% LTV ratio and amortizes over 30 years. Resting on nearly nine acres, Abbey Rowe consists of 162 one- and two-bedroom units and is 95% occupied. It sits near Joint Base Lewis-McChord.
Campbell separately arranged a $10 million supplemental loan through Freddie Mac for Ocean Towers, a cooperative multifamily community located in Santa Monica, CA. The seven-and-a-half year, floating-rate loan amortizes over 30 years. It is the first and only Freddie Mac floating-rate mortgage for a cooperative apartment property, and follows an $85 million first mortgage that Berkadia originated in 2011. The property consists of 317 studio, one-, two- and three-bedroom units and is fully occupied.
“These two deals highlight Berkadia’s wide range of experience in terms of both geography and property type,” says Campbell. “We have coast-to-coast relationships with our colleagues at the GSEs, which allowed us to craft and execute products that satisfied the needs of the borrowers.”