Berkadia Secures Refi for 384-Unit Community
- Jan 12, 2018
Working on behalf of Carrollton Properties, Berkadia has arranged a $41 million refinancing loan for Mansions at Timberland, a 384-unit multifamily community in Fort Worth, Texas. The seven-year term, fixed-rate Fannie Mae loan has a 75 percent loan-to-value ratio and a 30-year amortization schedule.
Mansions at Timberland, located at 11401 N. Riverside Drive, consists of one- and two-bedroom apartments ranging from 727 to 1,410 square feet. The 27-building property—developed in two phases in 2015 and 2016—features a fitness center, business center, clubhouse, swimming pool and 600 parking spaces. The community is situated about 1.5 miles from Interstate 35W and offers convenient access to multiple schools, including Central High School and Fossil Ridge High School.
Berkadia Senior Managing Director Stewart Campbell negotiated the financing on behalf of the landlord. Recently, Berkadia also arranged a refinancing loan for Isles of Gateway, a 212-unit St. Petersburg market-rate apartment community.
Image courtesy of Yardi Matrix