Berkadia has secured acquisition financing for Element at University Park, a 192-unit community in College Station, Texas. According to public records, the borrower, One Real Estate Investment, received a $14.3 million loan. Senior Managing Director Mitch Sinberg and Managing Director Brad Williamson arranged the Freddie Mac mortgage, which carries a 10-year, floating-rate term.
Senior Managing Director Chinmay Bhatt and Managing Directors Noam Franklin and Cody Kirkpatrick of Berkadia’s Joint Venture Equity and Structured Capital Group in New York secured equity investment through Electra Capital. The equity partner provided $4.1 million in a 36-month, preferred equity investment, which will allow the new owner to undertake interior upgrades to each unit and exterior improvements to the buildings and grounds.
According to Yardi Matrix data, the seller was Aspen Square Management. The asset previously traded in 2014. Located at 4475 Carter Creek Parkway, Element at University Park comprises one- and two-bedroom apartments, with stainless steel appliances and washer/dryer units. Common-area amenities include a business center, courtyard, tennis court and picnic area. Completed in 2000, the seven-building property is 2 miles from Texas A&M University. The surrounding area has several retail and dining options including Gateway Station, which is 1 mile from the community.
In April, Berkadia arranged a $21.9 million loan for a value-add transaction in Altamonte Springs, Fla. Sinberg worked with Associate Director Matt Robbins to secure the deal.