Dealmaker: Berkadia Secures $96M in California, Indiana

(Northpoint Apartments photo courtesy of Berkadia)

Berkadia, New York, secured $96.9 million in financing for multifamily properties in California and Indiana.

The firm secured $67.2 million for Northpoint Apartments, a 514-unit midrise multifamily property in San Francisco. Managing Director Andy Ahlers of Berkadia San Francisco arranged the permanent refinancing for borrower NP Apartments LLC. The deal closed on November 17.

The five-year loan was financed through Fannie Mae, Washington, D.C. 

“This asset is in the midst of significant interior renovations, which resulted in increased vacancy and made it more challenging to finance,” Ahlers said. “However, our lending partners at Fannie Mae were able to see past the temporary occupancy-related issues and offer a very creative loan structure that recognized the near-term upside as unit renovations are completed.”

Located at 2211 Stockton St., Northpoint Apartments has studio, one-, and two-bedroom floor plans near Fisherman’s Wharf, Lombard Street and Chinatown.

In Brownsburg, Ind., Berkadia sourced financing and equity for Legacy Park, a 250-unit, 2009-vintage, garden-style walk-up apartment community. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital arranged $13 million in institutional equity for Wilkinson Corporation’s acquisition.

Richard Levine of Berkadia Atlanta secured $29.9 million in financing on behalf of the buyer. The seven-year loan was financed through Freddie Mac, McLean, Va. Located at 6750 Legacy Park Drive, Legacy Park’s one-, two-, and three-bedroom floorplans average 1,056 square feet.