Berkley Properties Secures $21M Refi for New York Community

The property last changed hands in 2016 and has since undergone $2 million worth of upgrades.
Country Glenn Apartments

KeyBank Real Estate Capital has arranged a $21.5 million refinancing package for Country Glenn Apartments, a 336-unit community in Grand Island, N.Y. The borrower was Berkley Properties, according to Yardi Matrix data. 

The fixed-rate Freddie Mac mortgage carries a 10-year term and includes a five-year interest-only period, followed by a 30-year amortization schedule.

The new loan replaces a $16 million mortgage originated by Berkadia Commercial Mortgage five years ago. Berkley Properties acquired Country Glenn in 2016 from EW Entreprises for $16 million, Yardi Matrix shows. Since the transaction, the company invested $2 million in renovations on the property.

The pet-friendly community at 2155 Bedell Road encompasses 12 three-story buildings constructed in two phases, between 1972 and 1977. Apartments range from 452 to 1,340 square feet, with studios and one- to two-bedroom floorplans. On-site amenities include a laundry room, gym, swimming pool, clubhouse and business center.

Located close to the Canadian border, Country Glenn is less than 8 miles from Niagara Falls, N.Y., and some 13 miles from Buffalo, N.Y. The property is close to Veterans Park, Grand Island Fun Park, as well as several sports clubs and fitness facilities. 

Regional Director & Senior Vice President John Ward of KBREC’s Commercial Mortgage Group and Senior Vice President Alan Isenstadt of KBREC’s Income Property Group structured the loan. David Singer, principal at Calloway Capital, brokered the transaction. Earlier this year, KBREC topped Multi-Housing News’ ranking for multifamily mortgage banking firms of 2021.