Dealmaker: Berkadia Secures $130M in Hotel, Multifamily Financing

Berkadia, New York, secured $129.5 million for hotel and multifamily assets in seven states.

Berkadia Director Adrienne Kautzman arranged $78 million for a partnership led by PEG Cos., Provo, Utah, to acquire six Residence Inn by Marriott and Courtyard by Marriott hotels in St. Petersburg, Fla.; Sacramento, Calif.; Santa Fe, N.M.; Charlotte, N.C.; Phoenix and St. Louis, Mo. The acquisition totaled 828 hotel rooms.

Ares Commercial Real Estate Corp., New York, provided the acquisition bridge loan in a deal that closed on September 7.

Berkadia also secured $41 million financing for Malvern Manor Apartments, a brick garden-style multifamily property in Richmond, Va. Senior Director Steve Murden and Senior Managing Director David Blake secured the loan through HUD’s 223(F) program for borrower Virginia Malvern Manor Apartments LLC, Richmond. The 34-year refinancing loan carried a 3.95 percent interest rate and an 80 percent loan-to-value ratio. 

“Although originally built in 1948, Malvern Manor has been extremely well maintained and has had numerous improvements over the years to include a new clubhouse and additional units,” Murden said.

In Muscle Shoals, Ala., Berkadia brokered the $13.9 million sale of and secured $10.5 million financing for Arbor Village Apartments. Senior Managing Director David Oakley and Senior Director David Wilson represented seller Engel Realty Co., Birmingham, Ala. Berkadia Director Josh Finley secure the permanent financing through Fannie Mae, Washington, D.C.

The 10-year fixed-rate loan priced at 4.91 percent with a 75 percent loan to value ratio and four years of interest-only payments. The deal closed Sept. 12.