SAN FRANCISCO-The San Francisco office of Berkadia Commercial Mortgage recently arranged $85 million in financing for two multifamily properties located in San Francisco and Portland, OR.

Managing director Mitch Thurston and VP Andy Ahlers secured both loans through ING Investment Management LLC, the Authorized Agent for ING Life Insurance and Annuity Co.

Thurston and Ahlers also recently closed $70 million in financing for NorthPoint Apartments, located in San Francisco. The borrower, NP Apartments LLC, originally developed the property in 1968 and will use the fixed-rate, 10-year loan to refinance existing debt and pursue renovations on the property. Situated between Fisherman's Wharf and the North Beach neighborhood of San Francisco, the 514-unit property sits on nearly four acres of land. It features studio, one- and two-bedroom layouts, and amenities include a sauna, pool and fitness center.

Berkadia also worked with borrower Ellinwood Associates to originate $15 million in financing for Golf Creek Apartments. The fixed-rate, 10-year loan will be used to refinance an existing life company loan. Consisting of 282 units, the property features studio, one-, two- and three-bedroom layouts and is conveniently located in the West Slope neighborhood of Portland. Amenities include two racquetball courts and a theater, as well as a barbecue and picnic area.

“For both transactions, we leveraged expert research prepared by Hendricks-Berkadia to enhance our already deep understanding of the multifamily market,” said Thurston. “This expertise, coupled with Berkadia's robust lender relationships, enabled us to find and secure the most attractive and flexible terms available to meet our borrowers' needs.”

Instant Insights /

Berkadia Arranges $85M for Two Multifamilies

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