Dealmaker: Berkadia Secures $328M in Freddie Mac Funds
Berkadia secured $328.25 million in Freddie Mac funds for three apartment communities in Massachusetts and Ohio.
Berkadia Managing Director Robert Lipson secured $211.25 million in permanent refinancing for townhome community Hancock Village in Chestnut Hill, Mass., on behalf of Chestnut Hill Realty. The deal closed February 28.
The 15-year loan closed at a 65 percent loan-to-value ratio with a 30-year amortization schedule following an interest-only period.
“Chestnut Hill Realty had recently renovated a significant portion of the property and Berkadia/Freddie Mac were happy to provide the borrower with a substantial return of the capital invested and allowing for a long-term fixed rate,” Lipson said.
Located on Independence Drive in Chestnut Hill, Hancock Village includes one- and two-bedroom townhomes with open floor plans private entrances and private patios. Residents have regular shuttle service to transportation hubs and the Longwood Medical area.
Berkadia also secured nearly $117 million in combined financing for The Edison at Gordon Square and Innova, two Class A multifamily properties in Cleveland. Senior Managing Director Mark Vogel and Director Dan Geuther of Berkadia’s Cleveland office secured the permanent refinancing for both properties through Freddie Mac on behalf of their respective borrowers.
Geuther secured $59.7 million for the 306-unit Edison at Gordon Square on behalf of sponsor NRP Group, Cleveland. The 15-year loan included one year of interest-only payments.
The Berkadia team also secured $57 million for the 247-unit Innova on behalf of borrower The Finch Group, Boca Raton Fla. The 12-year loan closed at an 80 percent loan-to-value ratio.
The Edison at Gordon Square is located at 6060 Father Caruso Drive within walking distance from Edgewater Beach Park and the Gordon Square Arts District.
Located at 10001 Chester Ave., Innova residents are close to the main campuses of the Cleveland Clinic, University Hospitals, Case Western Reserve University and the University Circle district.