Dealmaker: Berkadia Secures $132M for Multifamily
Berkadia, New York, secured $131.7 million for multifamily properties in Nebraska and Colorado.
In Nebraska, the firm arranged $59 million in combined permanent acquisition financing for two garden-style multifamily properties, Lakeview Park Apartments and The Vue Apartments. Managing Director Allan Freedman of Berkadia Los Angeles and Managing Director John Schorgl of Berkadia Kansas City secured the funds for the borrower, a partnership between California-based Vantage Capital Advisors and California-based Cherry Tree Capital Partners. The deals closed on March 15.
Lakeview Park Apartments at 510 Surfside Drive in Lincoln, received a $24.3 million 10-year Freddie Mac loan with six years of interest-only payments. The Vue Apartments at 2882 Comstock Plaza in Bellevue received a $34.7 million 10-year Freddie Mac loan with six years of interest-only payments.
“The extra year of interest-only over what’s typically offered by Freddie Mac allowed the clients further runway to execute their business plans for the assets,” Freedman said.
Berkadia also sold and secured financing for Vistas at Jackson Creek, a 267-unit garden-style multifamily property Monument, Colo. Senior Directors Nick Steele and John Laratta, Director Tyler King and Associate Director Nate Moyer of Berkadia Denver represented the seller in the $97 million transaction. Pennsylvania-based Equus Capital Partners Ltd. acquired the property.
“The fundamentals of Colorado Springs have been among the best in the country over the last several years and as such, Vistas at Jackson Creek attracted some of the largest capital groups in the country,” said Steele.
Director Jeremy Lynch of Berkadia Philadelphia secured $72.75 million in acquisition financing. A Canadian investment fund manager funded the five-year floating-rate loan with full-term interest-only payments and flexible prepayment.
Located at 16112 Old Forest Point, Vistas at Jackson Creek is close to the shops and restaurants near Jackson Creek Parkway and Interstate 25.
