Berkadia Arranges $157M Loan for CA Properties

The company worked on behalf of Realty Center Management, which used the Fannie Mae loan to refinance existing debt on four assets.

Americana South Bay in Torrance, Calif.
Americana South Bay in Torrance, Calif.

Berkadia’s Los Angeles team has secured a $156.5 million Fannie Mae loan on behalf of Realty Center Management for a portfolio of four multifamily properties throughout California. Senior Director Branden McBirney, Associate Director Garrett LaBar and Senior Analyst Vickie Wible led the transaction.

Three of the 10-year, permanent, fixed-rate loans feature a 3.6 percent interest rate, a 55 percent loan-to-value (LTV) ratio and full-term, interest-only payments. The fourth loan features a 4 percent fixed rate, a 75 percent LTV ratio and three years of interest-only payments. The loans were placed as a portfolio but were not cross-collateralized. The proceeds were used to refinance existing debt on the properties.

“To secure very advantageous pricing, we were required to close all four loans simultaneously on the same day,” said McBirney in prepared remarks.

The portfolio properties include:

  • Overlook at Blue Ravine, located at 1200 Creekside Drive, in the Sacramento suburb of Folsom, Calif. Featuring a basketball court, clubhouse, fitness center, putting green and a tennis court, the asset received $88.6 million in financing.
  • Americana South Bay, a luxury community located at 20707 Anza Ave., in Torrance, Calif. The property, which features one-, two- and three-bedroom floor plans, received $32.3 million in financing.
  • Hollywood Place Apartments, located at 7400 Hollywood Blvd., in the Hollywood Hills. The asset features studio, one- and two-bedroom apartments with fireplaces, hardwood floors, granite countertops, private storage, patios and balconies. Berkadia secured $20.8 million in financing for the property.
  • Regency at Sherman Oaks, located at 4616 Willis Ave. in Sherman Oaks, Calif. The asset was recently redesigned and features property amenities like a pool, fitness center, sauna and barbecue area. The Los Angeles team secured $14.6 million in financing for the property.

Last month, Berkadia secured a seven-year Freddie Mac acquisition loan for Interstate Equities Corp.’s purchase of the 133-unit Verse La Mesa in La Mesa, Calif.

Image courtesy of Yardi Matrix