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.
Victory 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.
"This loan 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 seen."
Mitchell R. 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, Calif.
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 closing.
"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."
John 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 decade.
"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 Zimbler.
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 correspondents.
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 market."
Mentesana has a Bachelor of Business Administration degree from Southern Methodist University in Dallas.
Smith 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 2009.
"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 management team.
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."
Prior to 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 Council.
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 Associates.
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 1984.
"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 terms."
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.
"Members of 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 country."
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.
The property is 94 percent occupied with an average rent of $453 per month for multi-sectional and $434 per month for single-wide spaces.
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 TRECAP Partners.
"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 characteristics.
The 279,000 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.
Senior Vice 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 Development.
"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 rollover."
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 Capital.
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.
Abelson's 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 commercial properties.
"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."
As the 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.
Senior Vice 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.
According 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 PostBank."
"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 for."
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 business.
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.
The 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 dementia care.
"We worked closely with Freddie Mac underwriters to recognize improvements to property cash flow due to Brookdale's management of the properties," said Kauffman.
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 division."
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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