The New York and New Jersey offices of Berkadia Commercial Mortgage LLC (Berkadia) recently closed three deals totaling $27.75 in financing for multifamily properties located in New York and New Jersey. Highlights include:
Senior Vice President Nick Cassino recently originated $9 million in financing through Freddie Mac for a multifamily property in Syracuse, New York. Cassino worked with brokers, Aurora Capital Advisors, and the sponsor, Robert Morgan, to originate the 10-year loan on the Rugby Square Apartments. The loan was used to refinance an existing mortgage on Rugby Square, a 216-unit property located at 215 Dorchester Ave. in Syracuse.
This is one of several properties that Berkadia has worked on with Morgan and the team at Aurora Capital Advisors. Late last year, they worked on a $13.8 million loan for the Park Place Apartments in South Park, Pa. Morgan owns more than 16,000 apartment units through his companies Morgan Communities and Morgan Management LLC.
“We always look forward to having another opportunity to work with Bob Morgan and the team at Aurora,” said Cassino. “Given that long-standing relationship and our own expertise in the northeast region, we were able to efficiently structure a loan on this property that met both the borrower’s and the lender’s needs.”
In New Jersey, Senior Vice President John Motzel recently worked with borrowers on two separate loans for multifamily properties located in the state. On the first of the two loans, Motzel worked with sponsors Edward Ayuso and Mark Berger to originate a $10.4 million loan through Freddie Mac for The Ridgewood Commons, an art deco apartment building located in South Orange. The prior loan encumbered an additional commercial property, which was released with the new 10-year, fixed-rate financing.
Motzel also recently closed a loan on the Bristol Court Apartments located in West New York, New Jersey. Working with broker Andy Jonas of the Kislak Company and the sponsor John Lewis, Motzel was able to close an $8.35 million loan through Freddie Mac. The 10-year, fixed-rate loan was used to refinance an existing mortgage and reduce the debt service payments as well.
“We were able to structure the loan to allow the borrower to reduce their interest rate substantially and cash out additional proceeds to continue on their impressive capital improvement plan,” said Motzel.