PA Community Lands $32M Refi
Managed by Paradigm Properties Group, Deerfield Commons is located in Central Pennsylvania. The loan includes two years of interest-only payments followed by a 30-year amortization schedule.
By Alex Ciorogar
Berkadia provided $32 million in financing for Deerfield Commons in Shippensburg, Pa. Managing Director Brian Campbell, Associate Director Jeremy Lynch and Analyst Jake Adoni of the company’s Philadelphia office secured the permanent refinancing loan through Berkadia’s Fannie Mae program on behalf of the borrower, Deerfield Commons LP.
The 10-year fixed rate, non-recourse loan represents a 75 percent loan-to-value ratio and includes two years of interest-only payments followed by a 30-year amortization schedule for this 95 percent leased and occupied community.
“The Deerfield Commons partnership will further benefit from the competitive new Fannie Mae loan, with a significant basis point reduction from the previous loan and, as a result, an increase in cash flow,” Campbell said in prepared remarks.
Located at 100 Deerfield Commons, the property features one-, two- and three-bedroom floor plans. Amenities include free Wi-Fi, an on-site fitness center, a swimming pool, a business center, several ponds and a few wildlife areas. The property is managed and maintained by Paradigm Properties Group.
Image via Google Street View