Berkadia’s Mid-Atlantic team secured more than $148.2 million in financing for four multifamily properties—two in Virginia, one each in Maryland and Montana—by moving quickly as U.S. Treasury yields began to fall in March.
Senior Director Jonathan Pratt said the team’s quick action resulted in securing favorable rates, significant cash-out and long-term interest-only deals for the transactions. Pratt also credited the firm’s clients for seeing the opportunities in the market and making the decisions to act swiftly. Pratt was joined on the team by Associate Directors Maggie Burke and Rossana Bouchaya of Berkadia’s Washington, D.C., Metro office.
The multifamily properties refinanced were:
The Asher, 620 N. Fayette St., Alexandria, Va.
The Berkadia team secured $50.59 million in refinancing for Virginia-based Erkiletian Development Co. enabling the sponsor to take equity out of the property, for the first time, at a historically low interest rate. The 10-year Freddie Mac loan features a 69 percent loan-to-value ratio, six years of interest-only payments and a 30-year amortization. The 206-unit mid-rise property was developed in 2012 and has studio, one- and two-bedroom floorplans with gourmet kitchens, in-unit washers and dryers and large closets. Community amenities include rooftop terraces, dog wash and bike racks. The property offers convenient access to the Braddock Road Metro Station and nearby restaurants and shops.
The Bennington, 1215 East-West Highway, Silver Spring, Md.
The Berkadia team secured $45.25 million in refinancing for Maryland-based Foulger Pratt, enabling the firm the ability to take equity out of the property and maintain a low interest rate. The 12-year Freddie Mac loan features seven years of interest-only payments, a 75 percent loan-to-value ratio and a 30-year amortization. The 223-unit, high-rise property was developed by Foulger Pratt in 2004 and refinanced with HUD in 2012. The property has studio, one- and two-bedroom floors with spacious kitchens, maple cabinets, full-sized in-unit washers and dryers, floor-to-ceiling windows and private parking. Community amenities include a business center, resident lounge and dog spa. Shopping and restaurants along Georgia Avenue are close to the property.
Merrimac Crossing, 159 Merrimac Trail, Williamsburg, Va.
The Berkadia team secured the $21.38 million in refinancing on behalf of Maryland-based Frontier Financial LLC. The 10-year Freddie Mac loan features five years of interest-only payments, a 75 percent loan-to-value ratio and a 30-year amortization. The garden-style property, which has convenient access to Interstate 64, features one-, two- and three-bedroom floorplans with dishwashers, walk-in closets and garbage disposals. Community amenities include a swimming pool, playground, laundry facilities and grilling stations.
Sundance at Baxter Meadows, 3705 Galloway St., Bozeman, Mont.
Berkadia’s D.C. Metro team, along with Senior Managing Director Chris Ellis and Managing Director Monica Newman of the firm’s Denver office, together secured the $30.96 million refinancing on behalf of Utah-based Rockworth Cos. The HUD 223(F) loan carries a sub 2.8 percent interest rate. The garden-style property features one-, two- and three-bedroom floorplans with central air, wood-grain floors, granite countertops and private balconies. Residents have easy access to Interstate 90 and Gallatin County Regional Park.
More Berkadia Deals
Also this week, Berkadia announced it had provided a $45.5 million Freddie Mac acquisition loan to a joint venture of Insight Property Group, Rock Creek Property Group and ELV Associates to purchase Ravensworth Towers, a nine-story, 219-unit community in Annandale, Va.
Berkadia also provided two 10-year Fannie Mae loans totaling $44.4 million for Allmark Properties to refinance the 260-unit Wellington Park in Lewisville, Texas, and the 164-unit Vineyard Village in Rancho Cucamonga, Calif.