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KANSAS CITY, MO—Lincoln Property Co. recently acquired $33.3 million in first mortgage proceeds for the acquisition and renovation of Camden Passage, a 596-unit, garden-style apartment community here.
Berkeley Point Capital LLC provided the loan, which was structured under the Fannie Mae Delegated Underwriting and Servicing program as a 10-year, 3.6 percent fixed rate execution with three-years interest-only and seven-years yield maintenance.
Robert Cantizano, senior managing director with Berkeley, said in a statement that the deal accommodates a significant capital investment budget and the renaming of the property to Northland Passage.
