RENO, NV—With the Orange County office of Berkadia Commercial Mortgage LLC providing a $33.2 million loan RPM Company has acquired a 350-unit multifamily property here.
Berkadia worked through Freddie Mac for the loan for the The Alexander at South Virginia, which is currently 96% occupied. Berkadia VP David Bleiweiss and assistant VP Anthony Ansevin worked with the borrower, RPM Company, to originate the 10-year, fixed-rate permanent financing.
The full-term, interest-only loan, which was used towards the acquisition of the 350-unit property, is currently 96 percent occupied. Featuring one-, two- and three-bedroom apartment homes, The Alexander at South Virginia community offers amenities such as a swimming pool and spa, movie theater and cardio center. Many units also include views of Mt. Rose and the surrounding Sierra Nevada Mountains.
“We understand that our clients’ needs require different financing solutions, and this transaction was no exception,” said Bleiweiss. “RPM Company is a long-time client, but this was their first experience working with Freddie Mac. As one of the top ranked Freddie Mac lenders, we were able to leverage our strong relationship and execute an early rate lock, closing the deal quickly in an abbreviated time span.”
Situated in Washoe County, The Alexander at South Virginia is adjacent to several newly developed business and retail centers along the expanding development corridor.