Dealmaker: Berkadia Closes $82M in Multifamily Transactions
Berkadia, New York, closed two multifamily transactions totaling $81.6 million.
In Blue Springs, Mo., 20 miles from Kansas City, the firm secured $43.3 million for Eagles Crossing Blue Springs, a multifamily community with 294 townhomes.
Managing Director John Schorgl of Berkadia Kansas City secured the permanent refinancing for borrower Worcester Investments, Kansas City. The deal closed on May 6. The 10-year Freddie Mac loan included five years of interest-only payments.
“This was a great opportunity for the sponsors to recoup construction equity and pay off multiple short-term recourse loans into one non-recourse agency loan with a lower rate and longer amortization,” Schorgl said.
Located at 7901 SW 7 Highway, Eagles Crossing Blue Springs is near the Bridger Urban Conservation Area and the shops and restaurants along Route 7.
Berkadia also sold Bloomfield Square, a 259-unit garden-style multifamily property in Auburn Hills, Mich., for $38.3 million. Senior Managing Directors Kevin Dillon and Jason Krug, Senior Directors Corey Krug and Rick Brace and Director Charley Henneghan of Berkadia Detroit represented seller Bloomfield Square Acquisition Partners LLC, Farmington Hills, Mich. Halt Management, New York, purchased the property.
Bloomfield Square at 3161 Bloomfield Lane is near downtown Auburn Hills and Rochester, Mich.