Portland, Ore.–Berkadia Commercial Mortgage LLC originated $18,664,000 in permanent, variable-rate debt through its Freddie Mac program to refinance Altamont Summit, a 439-unit multifamily community in Portland, Ore.
Mitchell R. Thurston and Andrew J. Ahlers of Berkadia’s San Francisco office originated the loan. The borrower is Altamont Summit, LLC, an affiliate of Arcadia Development Co., of San Jose, Calif.
Altamont Summit is a hilltop community of luxury, Craftsman-style apartments with panoramic views of downtown Portland. The property was 95 percent occupied at the time of closing.
“The borrower wanted to close this refinance on the maturity date of the existing loan,” says Thurston. “We seamlessly coordinated with all parties to fund the new loan on the first business day of 2010.”
Berkadia Commercial Mortgage LLC is a special, master and primary servicer managing a portfolio of more than $236 billion. As a correspondent for insurance companies and a leading approved lender for Fannie Mae, Freddie Mac and HUD/FHA, Berkadia offers clients access to capital sources for the acquisition, construction, rehabilitation or refinance of commercial real estate properties.
(Compiled by Keat Foong)