Berkadia Wraps Las Vegas, DC Metro Deals Worth $92M
- Jun 07, 2019
Berkadia has recently chalked up more than $92 million in multifamily financing and sale transactions in Las Vegas and the Washington, D.C. metro area. The joint venture of Berkshire Hathaway and Jefferies Financial Group has secured $63.2 million in financing for PeachTree of McLean, a 340-unit garden-style community in Falls Church, Va.
Separately, the company completed the sales of two garden-style communities totaling 331 units in Las Vegas. The 146-unit Paradise Square changed hands for $14.2 million and the 185-unit Bella Estates transacted for $14.8 million, according to Yardi Matrix data. The records show that Strategic Realty Holdings sold both properties to a private owner.
Green loan to spur renovation
For the northern Virginia transaction, Director Jonathan Pratt of Berkadia’s Washington, D.C. office bagged the loan on behalf of Erkiletian Cos. The Freddie Mac green loan will enable the owner to renovate the property at 2042 Peach Orchard Drive and generate cash equity for other development ventures, according to a prepared statement.
In conjunction with the green loan, Erkiletian Cos. has committed to enhance the property’s water and energy efficiency by 30 percent. The fixed-rate loan carries a 10-year term with an interest rate less than 4 percent and a loan-to-value ratio of 65 percent.
The property was built in 1973 and is currently more than 98 percent occupied. The 18-building community features rooms ranging from one to three bedrooms in size and is managed by The Donaldson Group.
Las Vegas properties change hands
Over in Nevada, Berkadia facilitated the sale of two high-occupancy communities to a buyer that plans to hold the properties long-term, according to a prepared statement. Berkadia recently completed capital improvements to the properties, including new roofs on Paradise Square and renovated clubhouses.
Paradise Square is located at 4801 Harrison Drive in Las Vegas, with convenient access to the University of Nevada, UNLV Arboretum, and the retail and dining options along Tropicana Avenue. Built in 1980, the property features rooms ranging in size from studios to three bedrooms.
The second property, Bella Estates, is located at 5101 E. Twain Ave. nearby the Clark County Wetlands Park. The community built in 1986 offers one- and two-bedroom floor plans.