Berkadia Provides $85M Following Proprietary Interim Loan for Mixed-Use Property
- Sep 26, 2014
New York—The New York office of Berkadia Commercial Mortgage LLC recently arranged an $85 million revolving credit facility for a mixed-use multifamily property located in New Jersey. Senior Vice President John DiCrocco secured the five-year, floating-rate loan through Berkadia’s Freddie Mac program.
The borrower, One Main Street Edgewater LLC, will use the loan to retire existing debt on the View at Edgewater Harbor. DiCrocco had previously structured interim financing prior to construction completion and stabilization through Berkadia’s Proprietary Bridge Lending Program in January 2013. Under the new loan’s terms, the borrower will be able to significantly improve cash flow, increase loan size as property performance improves and make collateral substitutions at minimal costs. The loan features a 2.05 percent interest rate, interest-only payments and a 75 percent loan-to-value ratio.
Located at 1 Main Street in Edgewater, N.J., the View at Edgewater Harbor consists of 162 multifamily units and nearly 47,000 square feet of retail space. The residential units feature studio, one- and two-bedroom layouts, and residents have access to a variety of amenities, such as a fitness center, pool, rooftop deck and clubhouse. Retail tenants include Home Goods, Five Guys and Haven Restaurant. The property is 95 percent occupied.
“At Berkadia, we prioritize building lasting client relationships based on stellar customer service and a commitment to understanding their needs over the full lifecycle of their properties,” says DiCrocco. “It has been a pleasure helping One Main Street Edgewater achieve their vision for this one-of-a-kind project, and we look forward to continuing our work together in the future.”
Grandbridge facilitates $5.5M seniors housing refinance
Faribault, Minn.—Atlanta-based Seniors Housing and Healthcare Finance team and Grandbridge’s Minneapolis-based Vice President Matt Halberg, recently closed a $5.53 million first mortgage loan secured by Keystone of Faribault in Faribault, Minn. Funding for the refinance was provided through FHA’s 232/223(a)(7) loan program and featured a fully amortized 40-year term.
Located in Faribault, Minn., the 62-unit seniors housing community offers assisted and memory care living options. The property features spacious one-and two-bedroom apartments that have the conveniences of full kitchens, spacious closets and in-unit washers/dryers. Seniors also have access to the library, craft room, activity room with large-screen television, an outdoor patio area and Jacuzzi tub, walking paths, a beauty/barber shop and full dining room services.
Grandbridge’s dedicated Seniors Housing and Healthcare Finance team offers construction, nonrecourse acquisition/bridge and permanent financing options to seniors housing owners nationwide. The team has nearly 60 years of combined seniors housing experience and has closed more than $5 billion in seniors housing loan, sales and advisory transactions in the past 10 years.