Berkadia Secures $186M for Mixed-Use, Multifamily Assets
Berkadia, New York, secured $157 million for 750 North Glebe, a mixed-use development under construction that will include 491 residential units and 61,000 square feet of retail space in Arlington, Va.
The deal closed August 24th. Senior Managing Director J. Tyler Blue, Managing Director Paul Wallace and Associate Director Jimmy Meadows of Berkadia’s Washington, D.C. Metro office originated the loan through Northwestern Mutual Life Insurance Co., Milwaukee.
Borrower Saul Centers, Bethesda, Md., is building the property near the Ballston Metro public transit station where a Mazda car dealer formerly stood. The Washington Business Journal reported the real estate investment trust paid $46 million for the parcel. Target recently announced it will occupy 41,000 square feet of the retail space. Saul expects the property will deliver in early 2020.
The 18-year construction/permanent loan structure enabled the borrower to lock the interest rate upfront for the entire term.
Berkadia also secured $29.25 million to refinance The Woodmere, a Class A garden apartment property in Los Angeles. Managing Director Allan Freedman secured the loan through the Fannie Mae Green Rewards program for Woodmere Ltd.
The 12-year fixed-rate loan included full-term interest-only payments with escrow and carveout guarantor waivers, a 3.92 percent interest rate and a 30-year amortization schedule.
“The loan structure for Woodmere allowed the client to take out additional money for capital improvements, while also lowering the debt service substantially,” Freedman said.
Located at 3700 S. Sepulveda Blvd., close to the University of California at Los Angeles and Santa Monica College, The Woodmere has one- and two-bedroom floorplans.
