Berkadia Supplies $11M Refinance Loan Carrying 4.15% Interest

Santa Cruz, Calif.--Berkadia Commercial Mortgage LLC originated $11,000,000 in fixed-rate debt through its Freddie Mac program for the refinance of Hidden Creek Apartments, a multifamily property in Santa Cruz, Calif. The loan features a fixed rate of 4.15 percent.

Santa Cruz, Calif. –Berkadia Commercial Mortgage LLC originated $11,000,000 in fixed-rate debt through its Freddie Mac program for the refinance of Hidden Creek Apartments, a multifamily property in Santa Cruz, Calif. The loan features a fixed rate of 4.15 percent.

Located on about 18 acres at 200 Button Street, Hidden Creek Apartments comprises 146 garden-style apartments. The property is operating at 95 percent occupancy.

Senior Vice President Mitchell Thurston and Vice President Andy Ahlers of the Berkadia San Francisco office originated the transaction. The borrower was Hidden Creek Apartments LLC.

“Berkadia worked very closely with Freddie Mac to quickly approve this loan, which allowed the borrower to take full advantage of the extremely low interest rate environment,” Thurston said.