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., new construction property 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 loan deals in the area, totaling more than $230 million in total proceeds.”