– The Dallas office of Berkadia Commercial Mortgage LLC (Berkadia) recently originated $21.5 million in financing for industrial and retail properties located in the Dallas-Fort Worth metropolitan area. Senior Vice President Joseph Hevey secured the non-recourse, fixed-rate loans through life company correspondents. Berkadia will service both loans upon closing.
Hevey first arranged $12.5 million for a Class A distribution center, located in Flower Mound, Texas. The 20-year, moderately leveraged loan, which features a sub-4 percent interest rate and is fully amortizing, was used to refinance the property. The 379,900 square foot property covers more than 20 acres of land and is currently 100 percent occupied by three long-term tenants.
Hevey also closed a $9 million loan to refinance a retail showroom for the same borrower. The low-leverage loan, which closed just 23 days from application, features an interest rate in the 5 percent range and a 15-year, fully amortizing term. Located in Grapevine, Texas, the property is 218,529 square feet and sits on nearly 7 acres of land. The property was 81 percent occupied at closing and will undergo substantial renovation and reconfiguration in the next few months.
“Berkadia’s expertise and skill in the industrial and retail sectors enabled us to close these loans efficiently and quickly, despite the volatile market,” said Hevey. “Our considerable experience working with life companies also allowed us to obtain the flexible loan terms the borrower required.”
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,
To learn more about Berkadia, please visit www.berkadia.com.
Bliss Integrated Communication