News & Transactions

Berkadia Houston Originates $34 Million in Financing for Multifamily Properties

10/21/2011

The Houston branch office of Berkadia Commercial Mortgage (Berkadia) closed four deals in Texas and Ohio markets in late August and September, totaling $34,417,500.
 
Berkadia Senior Vice Presidents Jonathan Gilfillan and Cutt Ableson most recently closed on a project through the company’s Fannie Mae DUS program with borrower SMV Westhaven LP. The two originated the $3,840,000, 80% LTV loan to finance the acquisition of Westhaven Apartments, a Class B 110-unit community in Beaumont, Texas. The fixed-rate 10-year loan, which closed on September 28, features a one-year interest-only term followed by a 30-year amortization schedule.
 
The Houston office also closed two multi-family projects in Ohio for a total of $24,400,000. Gilfillan and Ableson originated $10,000,000 in fixed-rate financing for the acquisition of Remington Place, a 234-unit apartment complex located in Cincinnati, Ohio. The second deal was a $14,400,000 fixed-rate loan for the acquisition of The Residence at Turnberry, a 216-unit multi-family community located in Pickerington, Ohio. Both projects were originated at 80% LTV through Berkadia’s Freddie Mac Seller/Servicer program for a term of seven years, with two years of interest-only payments.
 
“Despite the ongoing disruptions in the domestic and international capital markets, we were able to keep the loan terms consistent with the original loan quote,” said Gilfillan.
 
In late August, the Houston office closed on financing for the acquisition of Northgate Apartments in College Station, Texas. The $6,177,500, 70% LTV loan, was made by Viewpoint Bank to Colorado Holding & Management LLC for 10-year period, with amortization over 30 years.