Dealmaker: Berkadia Arranges $31M in Texas, New York

Berkadia, New York, originated $18.4 million for H Mart Town Center, a grocery-anchored retail property in Plano, Texas.

Managing Director Joseph Hevey Jr. of Berkadia’s Dallas office secured the funds through Morgan Stanley Bank NA, New York. The loan features a 4.81 percent fixed interest rate with three years of interest-only payments followed by a 30-year amortization schedule for the remaining seven years. The borrower, RPI H Mart Town Center Ltd. will use the loan to refinance existing debt on the location.

“The asset’s appeal is bolstered by its attractive location and solid roster of tenants,” Hevey said, noting that the lender held to terms amid a highly volatile commercial mortgage-backed securities market.

At 3420 K Ave., H Mart Town Center tenants include Fresenius and Prime Overstock in addition to anchor store H Mart. The 212,000-square-foot property on 17.5 acres is currently 94 percent occupied.

Berkadia also arranged $12.8 million for Grecian Gardens, a 268-unit Rochester, N.Y. apartment property. Managing Director Nick Cassino secured the refinancing loan through Berkadia’s Freddie Mac program.

The 10-year floating-rate loan issued to Glendale Development and Morgan Management includes a 30-year amortization schedule.