San Diego–Berkadia Commercial Mortgage originated a total of $42,660,000 in fixed-rate debt through the Freddie Mac Capital Markets Execution (CME) program for the acquisition of Canyon Hills and Flower Fields, two multifamily properties in San Diego County.
Canyon Hills is a 128-unit rental condominium property located 15 miles from downtown San Diego and 20 minutes from the beach. The property offers two- and three-bedroom condominiums in a park-like setting with access to freeways, schools, shopping and major employment centers. The property is approximately 95 percent occupied. The loans feature fixed interest rates at a competitive market rate, according to Berkadia.
Located in Carlsbad, Flower Fields is a 132-unit rental condominium property. The property offers one- and two-bedroom condominiums with twin master floor plans, private garages, extra storage and oversized patios and balconies. The property is operating at 96 percent occupancy.
Senior Vice President Mitchell Thurston and Vice President Andrew J. Ahlers originated the transaction. The borrower was an affiliate of Raintree Partners.
“These two acquisition loans required a very quick time frame to rate lock and close,” Thurston said. “We worked very closely with Freddie Mac to streamline the underwriting and approval process in order to meet the borrower’s needs.”