Marshall, who reports to Senior Vice President John Reed, has 35 years of experience in commercial real estate finance. "Don repeatedly has been among the leading Freddie Mac loan originators," said Reed. "He has well-established relationships with borrowers and lenders, and we are excited to have him join us at Berkadia."
Marshall was with Capmark Finance Inc. for more than 12 years before leaving his position as manager of the Richmond office in May 2009. In December, Berkadia Commercial Mortgage, a joint venture between Berkshire Hathaway Inc. and Leucadia National Corporation acquired the North American loan origination and servicing businesses of Capmark Financial Group Inc.
Earlier, Marshall was a senior vice president with Insignia Mortgage & Investment Company and held various management roles with Trammel Crow Commercial and Century Development.
Marshall has a bachelor's degree from Southern Methodist University and a master of business administration degree from the University of Oklahoma.
Additional sources of funding for the project include:
9 percent Low Income Housing Tax Credits (LIHTC) •
City of Chicago Department of Housing HOME loan • AHP
Grant from the Federal Home Loan Bank (FHLB) •
Illinois Affordable Housing Tax Credit Donation Credit
Collectively, all sources of funding provided more than $21
million for the development of the project.
Centre of Galewood, a 102-unit, 102-bed Supportive Living
Facility, was constructed on approximately 0.526 acres. Rents
average $2600 per month.
Len Deering, Tom Sigrist and
Paul Matusiak of Berkadia's Chicago office originated the loan.
The borrower was Galewood SLF Associates, LP.
involved a unique financing structure with an 'Insurance Upon
Completion' loan from FHA," said Sigrist. "Berkadia's expertise
and our in depth knowledge of FHA programs gained as one of the
leading FHA lenders in the national and local markets were an
asset in this transaction."
According to Deering, "The
4.47 percent fixed rate was one of the lowest we have
Thurston and Andrew J. Ahlers of Berkadia's San Francisco office
originated the loan. The borrower is Altamont Summit, LLC, an
affiliate of Arcadia Development Co., of San Jose,
Altamont Summit is a hilltop community of luxury,
Craftsman-style apartments with panoramic views of downtown
Portland. The property was 95 percent occupied at the time of
"The borrower wanted to close this refinance on
the maturity date of the existing loan," said Thurston. "We
seamlessly coordinated with all parties to fund the new loan on
the first business day of 2010."
Oharenko, Tom Sigrist, Paul Matusiak and Laura Cathlina of
Berkadia's Chicago office originated the loans through the
company's FHA/HUD program. The borrowers-first-time FHA/HUD
borrowers-were Westside Crest Limited Partnership and Fawn Ridge
Apartments Limited Partnership.
Berkadia acquired the
North American loan origination and servicing businesses of
Capmark Financial Group Inc. in December 2009. The FHA/HUD loan
origination platform has been an industry leader for more than a
"Matthew's considerable experience originating commercial real
estate loans with insurance companies will be a significant
benefit to Berkadia's commitment to increase loan volume with our
correspondent insurance companies in 2010," said
Prior to joining Berkadia, Case spent nine
years with Amherst Real Estate Capital, where he was responsible
for originating commercial mortgages. Earlier, he was a loan
production officer with George Elkins Mortgage Banking, where he
focused on underwriting, packaging, processing and placing
commercial mortgages with insurance company
Case has a Bachelor of Science degree in
business from the University of Oregon. Case, who holds CA Dept
of Real Estate License # 01331084, will originate third-party
loans through Berkadia Commercial Mortgage Inc., a wholly owned
subsidiary of Berkadia Commercial Mortgage LLC.
Mentesana, with more than 20 years
industry experience, joined Berkadia from Encore Enterprises,
where he was responsible for multifamily development activities.
Prior to joining Encore in 2008, he was an FHA loan originator
with Capmark Finance Inc. for more than six years. Berkadia, a
privately held company in which Berkshire Hathaway Inc. has a 50
percent ownership interest, acquired Capmark's origination and
servicing businesses in December 2009.
"We are very
happy to have Steve return to our FHA platform," said Reinlein.
"His broad experience and solid leadership skills will be
invaluable as we focus on expanding our business in the Texas
Mentesana has a Bachelor of Business
Administration degree from Southern Methodist University in
and Hill joined Berkadia from NorthMarq Capital. Prior to joining
NorthMarq in mid-2009, both Smith and Hill spent a number of
years as top originators in the Houston office of Capmark Finance
Inc. Berkadia, a privately held company in which Berkshire
Hathaway Inc. has a 50 percent ownership interest, acquired
Capmark's origination and servicing businesses in December
"We are extremely excited that Brant and Andy have
returned to our mortgage banking platform," said Bryant. "Their
leadership and significant loan origination expertise will be
invaluable as we prepare to increase our presence in Texas and
throughout the United States."
Smith, a senior vice
president, joins Bryant and Koeijmans as part of the Texas
Bryant said, "We believe that managing
our Texas mortgage banking business as a team will enable us to
give our diverse lenders, such as insurance companies, Fannie
Mae, Freddie Mac, HUD and others, the highest level of service
and access to the broadest base of borrowers."
joining Capmark, Smith was a director in the Houston office of
Holliday Fenoglio Fowler. He has a Bachelor of Science degree in
Economics from Texas A&M University and is active in the
Mortgage Bankers Association, the National Multi-Housing Council
and the Urban Land Institute.
Hill formerly was a
commercial lending officer with Sterling Bank and is a graduate
of Sterling Bank's Commercial Credit Training Program. He has a
Bachelor of Business Administration degree in Finance from Texas
A&M University and is active in the Urban Land Institute's
Young Leader Program, the Association of Commercial Real Estate
Professionals and the National Multi-Housing
Rob Lipson of Berkadia's Red Bank, N.J., loan
origination office and Jim Badolato of the Philadelphia office
sourced the financing through a regional banking relationship.
The borrower was RL Shopping Center LP, an entity representing a
joint venture between an experienced local developer and a
national investor. The refinance allowed the borrower to pay off
their maturing acquisition loan and recapture recent capital
investments at the center.
When purchased by the current
ownership in 2006, the asset had two major vacancies. They have
since successfully back-filled the empty box spaces and
stabilized the center. Red Lion Plaza is now fully occupied with
a diverse tenant base, including Best Buy, Staples, American
Signature Furniture, and a new Planet Fitness.
Senior Vice President Warren Higgins of
Berkadia's Philadelphia office originated the loan through Sun
Life Assurance Company of Canada. Wilbur C. Henderson is the
principal of the borrowing entity, Curtis Park
The 558,000 square-foot building is located
on approximately 15 acres at 2000 Elmwood Avenue in the Folcroft
East Business Park. Constructed circa 1930 as the headquarters
and manufacturing plant for the Curtis Publishing Company, the
building was renovated in the mid-1980s for its current
multi-tenant occupancy. The borrower has owned the property since
"We originated financing with Sun Life Assurance
for this property in 1999," said Higgins. "The borrower is
experienced and financially strong, and the property is favorably
located in proximity to Center City Philadelphia and the
Philadelphia International Airport. When the loan matured, Sun
Life Assurance refinanced the debt at competitive
Landon, a highly experienced mortgage banker,
previously worked with Grubb and Ellis Capital Markets Group.
Earlier, he operated a private enterprise in Dallas and Austin
that was an intermediary providing third-party debt and equity
capital to commercial real estate clients.
our team have known Mike for many years as an associate,
competitor and collaborator on deals. We are excited to be
joining forces with him as we continue to grow our platform in
the Texas market," said Bryant. "Mike, like recent hires Brant
Smith and Andy Hill, has long standing relationships with
numerous insurance companies and borrowers across the
Bryant continued, "Adding a seasoned
professional like Mike will help us meet the increasing capital
demands of our broad base of clients. With more capital becoming
available from the insurance company sector, GSEs and other
lenders, we are seeing a welcome uptick in activity after the
lull in commercial assignments over the past two years."
Landon has a Bachelor of Business Administration degree in
Finance from The University of Texas at Austin.
Contempo Tempe is an age-restricted (55+) manufactured housing
community. Located in Maricopa County, Contempo is situated on
approximately 58.81 acres at 2609 West Southern Avenue in the
southeastern portion of the Phoenix metropolitan area.
Constructed in 1974, Contempo consists of 454 spaces with 159
single-wide and 295 multi-sectional spaces. Among the property's
amenities are a large clubhouse/leasing office, laundry facility,
spa, fitness center, swimming pool and shuffleboard courts. The
clubhouse features an events/dining hall, activities room,
billiards room and a commercial-grade kitchen.
property is 94 percent occupied with an average rent of $453 per
month for multi-sectional and $434 per month for single-wide
Senior Vice President Chad Thomas Hagwood of
Berkadia's Birmingham, Ala., office originated the transaction.
The borrower is an affiliate of Silver King Companies.
"My client and I are extremely pleased with the ease at which
Chad Hagwood and his staff at Berkadia were able to successfully
arrange the recent refinance of Contempo Tempe MHP," said Thomas
Houlihan, president of Sterling Financial Mortgage &
Investment Inc. "Their professionalism, confidence and personal
attention made the process during these challenging times both
pleasant and profitable."
Mitchell R. Thurston
and Andrew Ahlers of Berkadia's San Francisco office originated
the loans, which had 10-year terms and 30-year amortizations. The
borrower was a joint venture between Pacific Property Company and
"We were able to help the borrower
recapitalize these two institutional-quality assets for long-term
ownership by providing aggressively priced fixed-rate debt with
an early rate lock through Freddie Mac's Capital Markets
Execution product," said Thurston.
The CME product,
implemented by Freddie Mac in 2008, offers increased flexibility
with pricing based on the options requested and individual loan
square-foot Whitman Plaza is located at the intersection of
Oregon Avenue and Randolph Streets. Built by Breslin Realty
Development approximately 25 years ago, the neighborhood shopping
center is anchored by a Pathmark supermarket and K-Mart. The
property has maintained high occupancy levels throughout its
history. Fashion Bug, Payless Shoes, Radio Shack and Party City
are some of the center's other tenants.
President David Fishler of Berkadia's New York City office
originated the loan. The lender was Long Island, N.Y.-based
Bethpage Federal Credit Union. The borrower, South-Whit Shopping
Center Associates, is an affiliate of Breslin Realty
"Berkadia has worked on the financing for
various Breslin Realty projects over the years," said Fishler.
"This financing was complicated by K Mart's impending lease
expiration, which required the credit union to structure the loan
to address the risks associated with the tenant
Weisman has 25 years
experience in acquisition and permanent financing for multifamily
and commercial income-producing real estate assets. A 20-year
resident of Seattle, Weisman formerly was with Key Bank Real
Estate Capital where he was responsible for permanent loan
originations in the Washington, Oregon, Utah and Northern
California markets. Earlier in his career, Weisman established
two other mortgage operations in Seattle-American Property
Financing West LLC and American Capital Resources.
"Berkadia will focus on meeting the financing needs of
multifamily owners and developers in the Seattle market through
our Freddie Mac and Fannie Mae DUS® programs and HUD's
Multifamily Accelerated Processing (MAP) program," Weisman said.
Berkadia also is active as an originator of loans through its
correspondent relationships with insurance companies, pension
funds and other third-party capital providers.
Prior to joining
Berkadia, Abelson and Gilfillan were mortgage bankers with the
Houston office of Grandbridge Real Estate Capital LLC having
spent seven years with its predecessor, Live Oak
Earlier, Gilfillan spent two years as a
financial analyst in the Capital Markets Group of Spaulding &
Slye Colliers in Boston and five years as an investment analyst
at HFF in Buffalo, N.Y., and Houston.
experience includes serving as assistant director of investments
for the multifamily bond program and land management division of
McCord Development in Houston. Earlier, Abelson was an
associate/real estate consultant with a national accounting firm
where he was responsible for the extensive research and analysis
of market data used for the valuation and/or appraisal of
"We are very excited that Cutt
and Jon will lead Berkadia's Houston office and play a key role
in growing our Texas business overall," said Bryant. "They have
worked alongside some talented mentors over the years and are
looking forward to developing their own team and running the
branch office. John Koeijmans, Brant Smith and I welcome them. We
are very proud to have them on board."
build-to-suit corporate headquarters of MeadWestvaco Corporation,
the 13-story, class "A" office building is 100 percent occupied.
The 311,000 square-foot building is located on 3.16 acres along
the James River adjacent to the Fifth District Federal Reserve
Bank in Richmond's financial district.
President Geoff McVeigh of Berkadia's Richmond, Va., office
originated the loan, which was funded by Deutsche PostBank AG
through PB Capital Corp. NewMarket Corporation is the principal
of the borrowing entity, Foundry Park I, LLC.
to McVeigh: "The 2009 collapse of the commercial real estate
credit markets made marketing this loan request extremely
difficult. Although few lenders were in the market, this
property's dynamic location, state-of-the-art facility and
credit-worthy tenant and borrower captured the attention of
"Berkadia's extensive marketing was the key
to finding a viable lender," said Bruce Hazelgrove of NewMarket
Corporation. "This was a difficult assignment, but Berkadia's
experienced team persevered and got the results we were looking
Berkadia's eight-member Seniors Housing
and Healthcare Group includes experienced loan originators
Monique Bimler, Philip Brooks and Lisa Lautner, and is managed by
industry veteran Bill Kauffman. Collectively, the four have
originated $12 billion of debt to seniors housing and healthcare
properties, 25 percent of which has been Agency
The loan, arranged by Kauffman and Bimler, has
a 10-year term and a 30-year amortization. The borrowers are
subsidiaries of Brookdale Senior Living Inc., which purchased the
properties in late 2009 as part of an 18-property acquisition
from affiliates of Sunrise Senior Living, Inc.
properties, located in Santa Rosa, Calif.; Wilton, Conn.; Carmel,
Indiana; Englewood, Ohio; and Finneytown, Ohio, are owned and
operated by subsidiaries of Brookdale. The five communities
comprise 358 units, of which 107 are dedicated to Alzheimer's and
"We worked closely with Freddie Mac
underwriters to recognize improvements to property cash flow due
to Brookdale's management of the properties," said
Commenting on the formation of the new group,
Berkadia's president and CEO Michael I. Lipson, said, " Seniors
housing is a specialized asset class that is best served by a
dedicated origination team. Our seniors housing mortgage bankers
have demonstrated an outstanding track record for providing loans
to the industry."
"Our team is very excited to be
working together," said Kauffman. "In addition to expanding our
relationships with borrowers, Fannie Mae and Freddie Mac, we
expect to increase Berkadia's presence as a HUD LEAN originator
through a closer relationship with Berkadia's HUD
Berkadia's HUD platform, under the direction
of Executive Vice President Karl Reinlein, has consistently
ranked at or near the top of annual HUD healthcare loan
originators for the past decade.
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