NEW YORK—Berkadia Commercial Mortgage LLC, based in Horsham, Pa., has closed $14.5 million in financing through its bridge loan program for a multifamily property in New York City.
Senior Vice President Stewart Campbell and Vice President Thomas Toland worked with borrower South 1st Realty Corporation to provide the financing for a property located in Williamsburg. The 12-month, floating-rate loan will be used to stabilize 88 South 1st Street, a 31,000-sq.-ft., newproperty containing 31 units.
“Williamsburg continues to be one of the strongest apartment markets in the country,” said Campbell. “In the last 18 months, Berkadia has closed 11 fixed-rate and bridge loanin the area, totaling more than $230 million in total proceeds.”