Berkadia Closes $318M in Multifamily Deals

Berkadia, New York, represented Morgan Properties JV, King of Prussia, Pa., when the venture acquired nearly 3,000 units in 11 apartment communities. Deutsche Bank represented the seller. 

The Star Portfolio included apartment communities in Maryland, Pennsylvania, North Carolina and South Carolina. It traded for $300 million.

Berkadia Senior Managing Directors Scott Melnick and David Oakley negotiated the transaction for the Morgan Properties affiliate.

The communities include Silver Spring Station, Westerlee, The Willows, St. Mary’s, Taylor Park and Willowood in Maryland; The Greens at Westgate in Pennsylvania; The Waterway and Forest Oaks in South Carolina and Falls Creek and Heather Park in North Carolina.

Melnick said all of the Star Portfolio properties are in desirable high-barrier-to-entry submarkets close to major development hubs.

Berkadia also secured $18.4 million in financing for Cedar Broad Apartments, a Richmond, Va. multifamily property. Senior Managing Director David Blake represented borrower CB Richmond Associates through Berkadia’s HUD program. The loan closed on August 31.

Blake said the 40-year refinancing loan priced at 2.99 percent.

“This is a relatively new property, so the opportunity to refinance was particularly attractive to the borrower,” Blake said. He noted that the Richmond area saw strong multifamily growth over the past year.