Dealmaker: Berkadia Arranges $100M-Plus for Multifamily
Berkadia arranged more than $100 million in financing for multifamily properties in Utah, California, Arizona and Kansas.
In Utah, Berkadia arranged sale of and financing secured for Seasons at Pebble Creek, a 300-unit garden-style multifamily property in Salt Lake City. Managing Director Greg Barratt of Berkadia’s Salt Lake City office together completed the sale on behalf of the seller, Utah-based Cruachan Capital. The deal closed Sept. 18.
Senior Director Michael Slovitt of Berkadia’s Chicago office secured $38.7 million in acquisition financing for the property on behalf of the buyer. The 12-year Freddie Mac loan features full-term interest-only.
“Despite the uncertainty felt around the pandemic, the Salt Lake City apartment market has seen rent collections at pre-COVID levels. In some submarkets we are even seeing rent growth,” Barratt said.
Located at 1616 W Snow Queen Place, Seasons at Pebble Creek features one-, two-, three- and four-bedroom floor plans with air conditioning, energy efficient appliances, walk-in closets, dishwashers and in-unit washers and dryers. Community amenities include a fitness center, two swimming pools, a playground, several outdoor grilling stations and a business center. Residents have access to Jordan Park, Sorenson Park, Glendale Golf Course and numerous shopping and dining options along Redwood Road.
In Arizona, Berkadia arranged sale of Entrada Modern Apartment Homes, a 424-unit garden-style multifamily property in Tucson. Senior Managing Director Art Wadlund and Director Clint Wadlund of Berkadia’s Tucson office completed the $65.5 million sale on behalf of the seller, Salt Lake City-based Millburn and Co. The buyer was Seattle-based Thayer Manca Residential; the deal closed on Oct. 30.
“Entrada is a great property and very well-located,” Art Wadlund said. “Due to these factors, we had a ton of interest. Thayer Manca is a long-time client. We recently sold another property to them and they performed perfectly, so they were selected to purchase Entrada. Both buyer and seller were great to work with and the transaction was extremely smooth from start to finish.”
Located at 4545 N Via Entrada, Entrada Modern Apartment Homes features one-, two- and three-bedroom floor plans with quartz countertops, stainless-steel appliances, fireplaces and walk-in closets. Community amenities include a fitness centner, a yoga room, a dog park, a picnic area and a swimming pool. Residents have access to Rillito River Walk Park Trail and the Tucson Mall.
In California, Berkadia arranged sale of The Crossings at Chino Hills, a 346-unit garden-style multifamily property in Chino Hills. Senior Director Margie Molloy of Berkadia’s Murrieta, Calif., office completed the sale on behalf of the buyer Irvine, Calif.-based Advanced Real Estate Services. The seller was Utah-based Bridge Investment Group; the deal closed on Oct. 13.
“The Crossings at Chino Hills is a new, fully-leased, Class A apartment building in the prestigious city of Chino Hills,” Molloy said. “The property was purchased off-market with a large nonrefundable deposit at signing. The economics of the transaction support what many have speculated—that well-located, well-built properties in the Inland Empire have not been devalued by the COVID-19 pandemic.”
Located at 15101 Fairfield Ranch Road, The Crossings at Chino Hills features one-, two- and three-bedroom floor plans with stainless-steel appliances, custom cabinets and wood-style flooring. Built in 2017, the newly constructed community includes amenities such as, a resort-style pool with cabanas, an outdoor kitchen area with barbeque grills, a game room and covered parking. Residents have access to Chino Hills Marketplace, the Chino Creek Wetlands and Educational Park and Ontario International Airport. The property also provides convenience for commuting residents, with easy access to the 71, 142 and 83 Freeways.
Also in California, Berkadia arranged $26.3 million in financing secured for Vista Pointe, a garden-style multifamily property located in Murrieta. Senior Director Branden McBirney of Berkadia’s Los Angeles office secured the permanent financing for the property on behalf of the California-based borrower, Realty Center Management. The deal closed on Sept. 29.
Located at 40680 Walsh Center Drive, Vista Pointe features one-, two- and three-bedroom floor plans with large closets, washers and dryers, granite countertops and patios or balconies. Community amenities include a swimming pool, a fitness center, a clubhouse, an outdoor area with grilling stations, a business center and laundry facilities. Residents have access to Rancho Springs Medical Center, Interstate 15 and the shops and restaurants along Murrieta Hot Springs Road and Madison Avenue.
In Kansas, Berkadia financing secured for River Vista, a garden-style multifamily property in Wichita. Associate Director Pat Garlich of Berkadia’s St. Louis office secured the permanent acquisition financing on behalf of the buyer, Missouri-based Maxus Properties. The deal closed on Oct. 16.
Located at 150 N McLean Blvd. near the Arkansas River, River Vista features one- and two-bedroom floor plans with in-unit washers and dryers. Community amenities include a fitness center, a swimming pool, an outdoor area with grilling stations, a sundeck, a business center and a clubhouse. Residents have access to the shops and restaurants in The Delano district and Old Town Wichita.