CHICAGO—The Chicago office of Berkadia Commercial Mortgage LLC just closed a total of $46.4 million in loans through the US Department of Housing and Urban Development's 223(f) program for two apartment communities located just outside of Chicago.

“The suburban Chicago apartment market has been accelerating and more borrowers are looking to lock in favorable, long-term loan rates, which we were able to deliver for both properties,” says Berkadia's Senior Vice President Len Deering.

In September, Berkadia worked with borrower Foxboro Apartments LLC to originate a $26 million loan to refinance their existing mortgage on Foxboro Apartments. Located in Wheeling, Ill., a northwest suburb of Chicago, the apartment community sits near five major shopping malls, O'Hare International Airport and Chicago Executive Airport. The one- and two-bedroom apartment layouts are currently 97.5 percent occupied.

Prior to that, Berkadia helped arrange $20.4 million for borrower Abbey Capital Partners to refinance the existing mortgage of Abbey Apartments at Four Lakes, located in suburban Lisle. This multifamily, resort-style development sits about 25 miles west of Chicago and includes a range of amenities, including unlimited skiing, boating, wooded nature trails and four pools. The property is currently 99 percent occupied and offers studio and one-, two- and three-bedroom layouts.

The Berkadia team – consisting of Deering, Vice President Paul Matusiak and Senior Vice President Tom Sigrist – originated both 35-year, fixed-rate loans, which are fully amortizing and feature 80 percent loan-to-value ratios.

Instant Insights /

Berkadia Closes $46M for Sub. Communities

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