Berkadia Secures $84M in Financing

Highland at Spring Hill. Image courtesy of Berkadia

Berkadia has secured $83.5 million in total financing for two communities comprising more than 500 units in Mobile, Ala., and Kissimmee, Fla. The company’s mortgage banking team nabbed $40 million in Freddie Mac financing for Highland at Springhill, a new 252-unit multifamily property in Mobile, though an 11-year permanent refinancing loan.

In Kissimmee, Berkadia secured $43.5 million in Freddie Mac financing for The Vernazza, a 256-unit rental community, through an 11-year permanent acquisition loan. EBSCO Income Properties recently acquired the asset from Fore Property Co. for $61.7 million, according to Yardi Matrix.

Managing Director Tom Genetti of Berkadia’s Birmingham, Ala., office arranged both transactions through the Freddie Mac Lease-Up Loan Program, on behalf of the borrowers. The executive noted in a statement that the Freddie Mac team helped secure maximum loan proceeds and early rate-lock well in advance of either asset being fully stabilized.

Luxury features

Highland at Springhill is located at 151 Du Rhu Drive in the College Park neighborhood of the Gulf Coast city. Owned by IMS Development, the property was completed this year and contains a mix of one-, two- and three-bedroom units. Community amenities include a saltwater pool, spa, athletic club and pet park. The four-building community has access to Interstate 65, Sage Avenue Park and the shops and restaurants along Dauphin Street.

The Vernazza, at 1790 Manarola St., features units ranging from one to three bedrooms in size. Community amenities include a pool, a clubhouse, a fitness center and two pet parks. The nine-building property 10 miles east of Walk Disney World resort in Orlando affords access to Lake Calabay, Osprey Park and the retail and restaurant offerings along West Osceola Parkway. The LEED Gold-certified community was built last year.