Dealmaker: Berkadia Closes $92M Sale, $39M Financing
Berkadia closed the $92.25 million sale of The Artisan at East Village, a 272-unit Ventura County, Calif. multifamily property.
Located at 2060 Zocolo St., the garden-style property is 10 minutes from Oxnard beaches between Santa Barbara and Los Angeles. Ventura County’s Save Open Space and Agricultural Resources initiative has led to a constrained multifamily development pipeline, creating robust market demand.
Berkadia Managing Director Joe Leon and Associate Director Michael Thagard of the firm’s Irvine, Calif. office and Managing Director Jim Fisher and Senior Director Mike Smith from the Los Angeles office represented seller Northwestern Mutual, Milwaukee, Wis. A California-based private capital investor acquired the property on April 28.
Fisher noted the property had more than 35 tours and 20-plus written offers from qualified buyers.
Berkadia also arranged $39 million in combined financing for Stonebridge Apartments and Ashbrook Apartments, two garden-style multifamily properties in Virginia’s Hampton Roads region. Senior Managing Director David Blake and Senior Director Steve Murden originated both loans through HUD for Virginia-based 140 Associates LLC.
The 35-year fully amortizing 223(f) cash-out loans closed at 3.15 percent and 2.98 percent fixed interest rates with a 0.25 percent reduced mortgage insurance premium based on their Green Energy Efficient qualifications.
“Even during this unprecedented economic period, HUD has proven to be a reliable source for apartment owners to lock into very low, long-term interest rates with a certainty of execution,” said Murden.
Ashbrook Apartments is located at 205 Silverbrook Lane in Virginia Beach, Va. and Stonebridge Apartments is at 4000 Prindle Court in Chesapeake, Va.