HORSHAM, PA – Berkadia Commercial Mortgage LLC (Berkadia) recently originated $28.75 million in financing through Fannie Mae’s DUS platform to support the acquisition of a Class “A” apartment community in North Wales, Pa. Located approximately 30 miles north of downtown Philadelphia, the property includes more than 250 units and a top tier amenity package.
Senior Vice President Jim Badolato led the Berkadia team that secured the 10-year, adjustable-rate loan. The low-leverage loan, which closed at the end of September, featured a sub-2 percent going-in interest rate, payable on an interest-only basis.
“Recently, we've seen a spike in demand for floating rate executions given the volatility with fixed-rate indices,” said Badolato. “Both Fannie Mae and Freddie Mac have ARM programs that offer compelling going-in rates. More importantly, these programs offer the prepayment and conversion flexibility that many of our clients need to execute their business plans.”
Berkadia Commercial Mortgage LLC, one of the most prominent lenders in the commercial real estate industry, is a highly rated master, primary and special servicer managing a portfolio of more than $240 billion as of June 30, 2013. As a correspondent for insurance companies and other institutional lenders and a leading approved lender for Fannie Mae, Freddie Mac and HUD/FHA, Berkadia offers clients access to capital for the acquisition, construction, rehabilitation or refinance of commercial real estate properties. Through the acquisition of Hendricks & Partners, Berkadia now adds multi-family advisory services and investment sales to its capabilities.
To learn more about Berkadia, please visit www.berkadia.com.
Bliss Integrated Communication