Berkadia Arranges $44M Class B Portfolio Refi
The new loans pay down $28.8 million previously taken for Allmark Properties' two communities in Texas and Southern California.
Allmark Properties has received financing totaling $44.4 million for two Class B communities: the 260-unit Wellington Park in Lewisville, Texas, and the 164-unit Vineyard Village in Rancho Cucamonga, Calif. Berkadia provided the 10-year Fannie Mae loans. The new mortgages replace existing debt of $28.8 million that Capital One originated in 2014, according to Yardi Matrix.
Located on 11 acres at 2479 Deer Run Road, Wellington Park encompasses 18 buildings completed in 1986. The community has one- to three-bedroom units. The amenity package includes laundry facilities, a pool, a clubhouse and a playground.
Developed in 1987, Vineyard Village has 17 buildings situated on 12 acres at 8950 Arrow Route. The unit mix includes one- to three-bedroom floorplans ranging from 708 to 986 square feet. The property has two pools, a gym, a spa and laundry facilities.
The brokerage team included Managing Director Charles Christensen, Senior Director Vincent Punzi and Vice President Lowell Takahashi. While the country’s lending landscape has shifted drastically as a result of the COVID-19 pandemic, Berkadia has continued to provide loans and broker sales, even as the firm’s employees have shifted to working from home.