Berkadia Partners with Freddie Mac to Make $9.5M Refinance Work
- May 18, 2010
Mt. Pleasant, Mich.‑ Berkadia Commercial Mortgage LLC originated $9,500,000 in permanent, fixed-rate debt through its Freddie Mac program for the refinance of Campus Habitat 7, a student housing complex in Mt. Pleasant, Mich.
The 75 percent LTV loan features a 10-year term and 30-year amortization. The loan was used to pay off the borrower’s existing loan in its entirety.
Campus Habitat 7, situated on about 8 acres at 806 W. Broomfield, is comprised of eight three-to-four-story residential buildings. The property is 99 percent occupied.
Senior Vice President Nick Cassino of Berkadia’s New York City office originated the loan. The borrower was Campus Habitat 7 LLC. “In a challenging environment where there was a lack of recent sales of comparable properties, Berkadia was able to work with the Freddie Mac Central region to find and use supportable comparable data in markets similar to Mt. Pleasant,” Cassino says.