Dealmaker: Berkadia Secures $52M for Multifamily

Berkadia secured $51.5 million in Fannie Mae and Freddie Mac funds to refinance multifamily properties in Maryland and Massachusetts.

Oak Ridge Apartments

In Riverdale, Md., the firm arranged $30.5 million for 491-unit garden-style property Oak Ridge Apartments. Managing Director Donald Marshall of Berkadia’s Richmond, Va., office secured the funds for borrower Riverdale Village LP, Washington, D.C. The deal closed on June 22.

The low-leverage Fannie Mae loan closed at a sub-three percent interest rate, with interest-only payments for the full 10-year term.

“Even during the COVID-19 pandemic, [Oak Ridge Apartments] property performance has remained strong,” said Marshall.

Kilsyth Manor Apartments

Berkadia Managing Director Robert Lipson also arranged $21.08 million in combined financing for Beacon Fairbanks and Kilsyth Manor Apartments, two garden-style multifamily properties in Boston.

Chestnut Hill Realty, Chestnut Hill, Mass., received two 10-year Freddie Mac loans at a 75 percent loan-to-value ratio. The deals closed on May 26.

Beacon Fairbanks, located at 1723 Beacon St., has studio, one- and two-bedroom floor plans. Kilsyth Manor Apartments at 111-115 Kilsyth Road and 72 Lanark Road has one, two- and three-bedroom floor plans with walk-in closets.