Berkadia Arranges $22M for SoCal Community

The company 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.

Verse La Mesa, 7400 Parkway Drive in La Mesa, Calif.
Verse La Mesa, 7400 Parkway Drive in La Mesa, Calif.

As part of Interstate Equities Corp. recent purchase of Verse La Mesa, a 133-unit community located at 7400 Parkway Drive in La Mesa, Calif, Berkadia arranged a $21.9 million financing for the transaction.

Managing Director Shane Shafer of the Irvine office, along with Managing Directors Ed Rosen and John Chu, and Directors Kyle Pinkalla and Erin Dammen of the San Diego office closed the $34 million sale. Managing Director David Bleiweiss and Senior Director Anthony Ansevin of the Irvine office secured $21.9 million in financing through Freddie Mac for the buyer. The asset was subject to a seven-year acquisition loan, featuring a 2.9 percent adjustable interest rate and a 65 percent loan-to-value ratio.

“The markets outside the urban core of San Diego are experiencing some great opportunities for investors due to the area’s favorable fundamentals,” said Shafer in prepared remarks. “Verse is an example of the tremendous interest investors have for value-add opportunities in the La Mesa submarket.”

Image courtesy of Yardi Matrix