Dealmaker: Berkadia Secures $459M for Multifamily, Mixed-Use Assets

Berkadia, New York, secured $430.8 million for a 2,644-unit multifamily portfolio at Mark Center in Alexandria, Va.

JBG Smith Properties, Chevy Chase, Md., sold the six-property portfolio to Morgan Properties, Philadelphia, for $509 million in August.

Managing Director Jim Badolato and Associate Director Mike McKee of Berkadia’s Philadelphia office arranged the loans through the Fannie Mae Delegated Underwriting and Servicing platform.

The portfolio included multiple garden-style apartment properties within the Mark Center community near the I-395 Interchange at Seminary Road in Alexandria. Morgan Properties has budgeted $35 million for unit improvements.

The fixed-rate Fannie Mae loans allow some prepayment flexibility as well as an option for an additional supplemental loan. Under Fannie Mae’s Mod Rehab Supplemental product, when the borrower spends $10,000 or more per unit in renovations they may request an extra supplemental loan.

On Manhattan’s West Side Berkadia Managing Director John DiCrocco secured $28 million for a three-building mixed-use portfolio. 

Cantor Commercial Real Estate, New York, provided the financing to borrowers DelShah 60 Ninth LLC and DelShah Gansevoort 69 LLC. The five-year conduit loan had a 4.16 percent fixed interest rate with full-term interest-only and a 60 percent loan-to-value ratio.

One property is located at 69 Gansevoort Street in southwest Manhattan, adjacent to the High Line elevated park and the Whitney Museum of American Art. The second property at 58-60 Ninth Avenue is across the street from Chelsea Market. The buildings total 13,000 square feet and include two retail stores and three recently renovated two-bedroom apartments.