Near Apple’s New Campus, a Tidy Refi
- Aug 19, 2015
Spurred on by the imminent completion of Apple’s Campus 2, capital is flowing quickly in Cupertino. Berkadia recently arranged $52 million in financing for a multi-family property located near the Infinite Loop. Mitch Thurston and Andy Ahlers of the company’s San Francisco office secured the loan from a major bank on behalf of an entity controlled by Pacific Urban Residential.
Totaling 230 units, Sage at Cupertino is located in the vicinity of the tech giant’s new campus. The property is about 95 percent occupied. Amenities include a swimming pool, recently renovated clubhouse and a business center. Sage at Cupertino offers one- and two-bedroom apartments.
Berkadia arranged the 30-year fixed-interest loan with an initial rate of 2.95 percent. According to Andrea Cu, director of finance for Pacific Urban Residential, noted in a statement that the company was offered a number of options in selecting a lender. Pacific Urban has completed $3.5 billion of acquisitions on the West Coast over the past 17 years, a total of 22,000 apartments.