Berkadia Arranges $46.4 Million for Two MF Properties
- Oct 03, 2013
The Chicago office of Berkadia Commercial Mortgage LLC recently announced that it has closed a total of $46.4 million through the U.S. Department of Housing and Urban Development’s 223(f) program for two apartment communities.
The Berkadia team, comprised of Senior Vice President Len Deering CCIM, Vice President Paul Matusiak and Senior Vice President Tom Sigrist, originated the loans. Both are 35-year, fixed-rate loans, which are fully amortizing and feature 80 percent loan-to-value ratios.
Berkadia teamed up with borrower Foxboro Apartments LLC to originate a $26 million loan to refinance an existing mortgage on Foxboro Apartments. Located at 470 Foxboro Drive in Wheeling, a northwest suburb of Chicago, the apartment community is near five major shopping malls, Chicago Executive Airport and O’Hare International Airport. The community features one- and two-bedroom apartments and is currently 97.5 percent occupied.
Berkadia also helped arrange $20.4 million for borrower Abbey Capital Partners. The loan was used to refinance an existing mortgage for Abbey Apartments at Four Lakes in Lisle, Illinois. Situated 25 miles west of Chicago, the resort style multifamily facility features numerous amenities including unlimited skiing, boating, four pools and wooded nature trails. The property, located at 5550 Abbey Drive, is 99 percent occupied and offers studio, one-, two-, and three-bedroom layouts.
“Our experience working with HUD and extensive knowledge of the real estate market in Chicago and its surrounding areas were attractive to both borrowers,” Deering says. “The suburban Chicago apartment market has been accelerating and more borrowers are looking to lock in favorable, long-term loan rates, which we were able to deliver for both properties.”
Photo Courtesy of: www.foxboroapartments.com