LOS ANGELES—TruAmerica Multifamily andCapri Capital Partners have secured a $168 millionloan through Freddie Mac's PremierLease-Up program for the acquisition of theVermont, a two-building, 464-unit luxury apartment complexin Koreatown. In an earlier story, GlobeSt.com reported that the jointventure purchased the property for $238 million in what isconsidered the largest apartment sale in California this year.

“The Freddie Mac Premier Lease-Up program was ideal for theborrower as it allowed them to secure nonrecourse financing on anunstabilized asset in a short period of time,” AllanFreedman, SVP with Bekadia CommercialMortgage, tells GlobeSt.com. “We had a very shorttimeframe to lock and close the transaction, less than 30days. One of the benefits of working with this borrower,though, was that their existing relationships and strength in themarketplace allowed us to pursue creative and flexible financingoptions for them.” Freedman, who is based in Berkadia's Los Angelesoffice, secured the funds on behalf of the borrowers along withDetroit-based Berkadia SVP Peter Benedetto.

The loan has an eight-year interest-only term. The Berkadia teamwas able to close the loan in just 29 days to meet the mandatoryclosing date. Benedetto and Freedman attribute this to the networkof Berkadia offices throughout the country.