Capmark Finance Inc. senior vice president and Boston branch manager Scott Dow says there had been some concern over the loan because Hurricane Ike roared through the area during the due diligence period. "Freddie usually requires property inspections in that type of situation, but that was already happening so the timing worked out all right," Dow tells GlobeSt.com. "It was just a matter of updating the paperwork."
Built in 1983, the class B complex at 2215 Avenida La Quinta St. on the city's west side weathered the storm in fairly good shape. "We lucked out because there was only minor hurricane damage," says Dow, who arranged the financing.
Dow says Berkshire is repairing the storm-related damage, but isn't planning any major overhaul of the complex with any of the new capital. "This is a well-maintained property," he says. "They've done a good job of keeping it up."
The 27-building Briarwood Village Apartments is situated on 13.6 acres, with a mix of one- and two-bedroom units from 702 square feet to 975 square feet. Rents are $639 to $939 per month. Occupancy hovers 95%.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
