Berkadia Gets $43M for Willow Crossing Sale

In this update, the Austin, TX, office of Berkadia Commercial Mortgage LLC says it recently closed $43.5 million in financing through Fannie Mae for the acquisition of Willow Crossing Apartments in suburban Elk Grove Village by Steadfast Income REIT. Berkadia Vice President Matt Greer helped secure the 10-year, floating-rate financing. Loan terms include a 75% loan-to-value ratio and a variable interest rate tied to LIBOR. The 579-unit development is currently 97% occupied.

“This property is located among the prime suburbs of Chicago, a real estate market that is surging with activity,” said Greer. “We were able to capitalize on Berkadia’s expertise and reputation in this market, as well as our extensive experience with Fannie Mae, to deliver favorable loan terms for the borrower.”