Berkadia has arranged $15 million in refinancing for Cedar Ridge, a 234-unit, garden-style community in Independence, Mo. Managing Director Andy Ahlers secured the loan on behalf of the borrower, First Pacific Group. The 15-year Fannie Mae mortgage bears interest at a fixed, sub-4 percent interest rate with interest-only payments over the entire term.
Located on 10.4 acres at 3100 Quail Creek Drive, the Class B community is between U.S. Highway 40 and Interstate 70, 12 miles from downtown Kansas City, Mo. The property is close to the Nolan Road retail corridor, with several bus routes offering connections to the wider metro.
Constructed in 1985, the 65-building community comprises a mix of one-, two- and three-bedroom units, averaging 929 square feet, Yardi Matrix shows. The apartments have vaulted ceilings, washers and dryers, central heating and private balconies or patios. Property amenities include a coffee bar, playground, barbecue and picnic area, clubhouse and tennis court.
Earlier this year, Berkadia’s Ahlers also secured $37 million in financing for a community in the Seattle area. The mortgage retired a previous, $23.7 million CMBS loan.
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