Berkadia Arranges $28M for L.A. Properties
- Mar 21, 2012
Los Angeles—Berkadia Commercial Mortgage LLC has arranged $27.9 million in financing for two multifamily projects located in the Los Angeles area.
Senior Vice Presidents Allan Freedman and Ed Zimbler closed a $13.9 million loan for the acquisition of Waterstone on Sunset, a 140-unit property located in West Covina, Calif. The ten-year, fixed-rate loan was made through lender Freddie Mac. It also includes a five-year period of interest-only payments and an 80 percent loan-to-value ratio.
Freedman and Berkadia vice president Edward Kim also worked with Freddie Mac to arrange $14.1 million in permanent refinancing for Monterey Gardens Apartments, a 152-unit property located in Monterey Park, Calif. Berkadia structured refinancing which provided a 90 percent return of equity for the borrower.
“While each transaction had its own distinctive characteristics and challenges, we were able to work closely with Freddie Mac to find flexible options that met the borrower’s needs and timeframe, while addressing the lender’s own requirements,” Freedman says.
The NHP Foundation Expands into New York
New York—The NHP Foundation, a publically supported affordable housing nonprofit, has acquired the Plaza Borinquen apartment community, an 88-unit community located in the Mott Haven section of the Bronx. The $7.1 million venture was funded with NHPF investment and a loan from the New York City Acquisition Fund LLC.
Plaza Borinquen was built in 1975 and is comprised of groups of triplex homes on three scattered sites. Each site has a shared courtyard and landscaped gated patios. The acquisition represents NHPF’s first purchase in New York City.
“All of us at NHP Foundation are very excited to expand our footprint into New York City with this acquisition,” says Richard Burns, chief executive officer of NHPF. “Plaza Borinquen gives NHPF the opportunity to execute our mission in the Bronx, not only through physical improvements, but also with enhanced services for the residents. We see this acquisition as the first of many opportunities to preserve and create affordable housing in the five boroughs.”
Northmarq arranges financing of $13.1M for Aukum’s property purchase
Lakewood, Colo.–NorthMarq’s Denver regional office arranged financing of $13.1 million for Aukum Management LLC’s purchase of Tanglewood Oaks Apartments located at 3324 South Field Street in Lakewood, Colo.
Constructed in 1973, the multi-family community consists of 201 apartment units in 36 buildings. There are 118 townhome units, as well as 83 apartment units with four different floor plans. Units feature open floor plans with central heating/air conditioning, large walk-in closets, private fenced patio or balcony, full-size washer/dryer hookups, fireplace in select units, as well as secure outside storage units. Property amenities include a two large outdoor pools, clubhouse, two playground areas, and common laundry facilities.
NorthMarq’s John M. Stewart, senior vice president; and Brock Yaffe, senior investment analyst, arranged the financing for the borrower.
Aukum Management is a private San Francisco Bay area multifamily investor and operator focused on stabilized and value-added apartment projects in the Western U.S. Aukum and its partners have been acquiring properties since 2008 and have holdings in Portland, Salt Lake City, Las Vegas and Denver and vicinity. The group is actively acquiring properties in many of these metropolitan areas.