Berkadia Originates $249M on West Coast

Berkadia, New York, originated two loans totaling $235 million for two Aliso Viejo, Calif. multifamily properties.

Senior Managing Director Mitch Thurston and Senior Director Andy Ahlers of Berkadia’s San Francisco office secured the 10-year fixed-rate financing through the firm’s Fannie Mae program.

Both loans refinanced existing debt and feature a 3.51 percent interest rate and interest-only payments for the full term. The interest rate for each loan was locked just four days after loan applications were executed. Thurston and Ahlers arranged $130 million for St. Moritz Apartments, a 675-unit garden-style community, and $105 million for 590-unit Barcelona Apartments. Both 95 percent occupied properties are in coastal Orange County 55 miles southeast of Los Angeles and 75 miles northwest of San Diego.

Thurston and Ahlers also arranged $14 million in Fannie Mae funds for Latitude Queen Anne, a Seattle apartment property. The full-term loan includes 10 years of interest-only debt service payments. Currently 95 percent occupied, Latitude Queen Anne consists of 76 loft, one- and two-bedroom units two miles northwest of downtown Seattle.

“Seattle’s economy is strong, and the region’s multifamily market and lending activity is following suit,” Thurston said.