Berkadia Secures $107M Financing Package for M-F Portfolio
- Oct 15, 2014
The Orange County, Calif., office of Berkadia Commercial Mortgage L.L.C. recently arranged $106.9 million in financing for a seven-property multi-family portfolio on behalf of Angelo, Gordon & Co. and Interwest Capital Corp.
The effort was led by Jackson Cloak, a Berkadia vice president, who secured the floating-rate financing through the company’s Freddie Mac and Proprietary Bridge Lending Programs, as well as BBVA Compass. The Freddie Mac loan totals around half of the financing, with the remainder provided by Berkadia and BBVA.
The portfolio totals 2,149 age-restricted units. All assets feature an occupancy rate of at least 90 percent. Three of the four properties were part of a portfolio acquired by the borrowers late last year for about $75 million.
In a statement, Cloak noted that the operation required the company to leverage its expertise across a number of capital sources and said that Berkadia provided the borrowers with “unique and flexible loan structures not generally offered in the overall market to help them execute their business plans.”
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