Dealmaker: Berkadia Secures $63M for California Apartments

Berkadia, New York, secured a $62.5 million life company loan to finance Amerige Pointe, a 292-unit multifamily property in Fullerton, Calif.

Real Estate Business Today reported a global fund purchased Amerige Pointe for $115 million.

Quadrant-AXA Equitable, New York, provided the seven-year fixed-rate treasury loan that bears interest at 3.5 percent. Berkadia will service the full-term interest-only loan.

Berkadia Managing Director Jackson Cloak secured the financing, which closed on September 27. “Borrower strength and experience combined with continuously improving property performance positioned Amerige Pointe for excellent terms,” he said.

Located at 1001 Starbuck Street, Amerige Pointe sits directly across from an Albertson’s- and Target-anchored retail center.

Berkadia also represented TruAmerica Multifamily, Los Angeles, when it sold Metro 102 Apartments in Ontario, Calif. to a California investor for $35 million. 

Built in 2009, 160-unit garden-style property Metro 102 Apartments is an affordable community adjacent to Ontario City Hall and Ontario Town Square.

Berkadia Managing Directors Jim Fisher and Joe Leon and Senior Director Mike Smith represented TruAmerica Multifamily, which acquired the asset in 2015.

“[Metro 102 Apartments] maintains an occupancy level over 98 percent and benefits from tremendous industrial growth in Ontario,” Leon said. “In the past six years, we’ve seen roughly 25 million square feet of new construction added to the area.”