News & Transactions

Berkadia Arranges $12 million in Refinancing for Little Rock Apartment Property

4/13/2012

The Dallas office of Berkadia Commercial Mortgage LLC (Berkadia) recently closed $12.3 million in permanent financing through lender Fannie Mae for an Arkansas multifamily property. Senior Vice President John Koeijmans and Assistant Vice President Frank Joyce originated the 10-year fixed-rate loan, which provided refinancing for the Residences at Riverdale in Little Rock, Ark.
 
By working closely with borrower principals, David Stapleton and Howard Akin, the Berkadia team was able to arrange the loan within Fannie Mae’s Tier 2 multifamily standards despite the always busy holiday season. The loan closed on Feb. 29, 2012.
 
“Not only did Berkadia get the deal done when others would not have; they really went the extra mile to make it happen,” said Stapleton.” Berkadia’s team delivered the lowest rate we have ever closed.”
 
Located between Rebsamen Park Road and Allsopp Park, the 124-unit, four-story garden property sits just south of the downtown area. Ideally situated in a revitalized neighborhood with no previous multifamily properties, it is within walking distance of the Arkansas River and Country Club of Little Rock, and less than four miles northwest of the Clinton Presidential Library. The apartment property, originally built in 2011, is currently 93 percent occupied.
 
“Our team – and especially Frank – worked diligently through the holiday season to address all of the underwriting needs and issues involved in this deal,” said Koeijmans. “Thanks to the team’s hard work and expertise, we were able to not only address the challenges that arose along the way, but also overcome them to exceed the borrower’s expectations for loan terms.”