Berkadia Closes $43.5M for Multifamily Property in Chicago Suburbs

Source:  REJournals.com

The Austin office of Berkadia Commercial Mortgage LLC recently closed $55.2 million in financing for multifamily properties located in Illinois and Texas.

Highlights include:

Berkadia arranged $43.5 million through Fannie Mae for the acquisition of Willow Crossing Apartments in Elk Grove Village.

Vice President Matt Greer worked with Steadfast Income REIT to secure the 10-year, floating-rate financing. Loan terms include a 75 percent loan-to-value ratio and a variable interest rate tied to LIBOR. Situated at 1031 Charlela Lane, the property covers more than 27 acres of land. The 579-unit building is currently 97 percent occupied, and amenities include a resident clubhouse, playground and business center.

“This property is located among the prime suburbs of Chicago, a real estate market that is surging with activity,” Greer said. “We were able to capitalize on Berkadia’s expertise and reputation in this market, as well as our extensive experience with Fannie Mae, to deliver favorable loan terms for the borrower.”

More recently, Vice President Andy Hill secured $11.7 million in financing for Allen Harrison Company LLC through Freddie Mac.

The loan will be used for the acquisition of the Retreat at Hart Ranch, formerly known as De Zavala Park, located in San Antonio. The seven-year, floating-rate loan features a 30-year amortization schedule. The property is located at 6061 De Zavala Road. Sitting on more than 12 acres of land, the nearly 190,000-square-foot building is currently 95 percent occupied. It features 280 one- and two-bedroom units, and amenities include a fitness center, pool and courtyard.

“Berkadia has closed nearly $200 million in loans with six different lenders for a variety of property types in San Antonio over the past 18 months, including almost $65 million in the past six months alone,” Hill said. “Our market knowledge and expertise allowed us to close the loan efficiently for this value-add property.”

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