Berkadia Secures $82M for Inland Empire Refi
- Dec 05, 2019
Berkadia has secured an $82 million Freddie Mac loan for the 492-unit Silverado Apartment Homes in Murrieta, Calif., on behalf of the owner—a local private investor. The 10-year financing includes full-term interest only. Yardi Matrix data shows the funds will be used to retire existing $66.4 million Berkadia-originated, Freddie Mac debt, which is set to mature in 2021.
Located at 25100 Vista Murrieta Road, the community is less than a mile from both Interstate 15 and Interstate 215. The property was completed in 2007 on a 23.3-acre site and consists of one- and two-bedroom apartments in 25 one-, two-and three-story buildings and floorplans ranging in size from 679 to 1,107 square feet. Common-area amenities include two pools, two spas, a fitness center and a clubhouse. As of October, Silverado was 98.4 percent occupied, per Yardi Matrix data.
Berkadia’s Senior Director Branden McBirney worked with the owner to secure the financing. Recently, another team from the brokerage team represented the buyer in the $33.8 million sale of Stonepine Apartments, a 108-unit value-add community in Thousand Oaks, Calif.