The Austin office of Berkadia Commercial Mortgage LLC (Berkadia) recently closed a total of $38.68 in life company financing for multifamily and office properties located throughout Texas.
On May 31, 2012, Vice President Matt Greer closed a $19.6 million loan for the Marquis at Barton Creek, a multifamily property in Austin, Texas. Working with lender Principal Real Estate Investors, Berkadia was able to arrange a five-year, fixed-rate loan within 30 days of the borrower’s application. The loan provided financing for the acquisition of the 250-unit Class A property. The loan is open to prepayment at par value in the last year of the loan term.
“Our team was able to work efficiently with Principal to pull together a loan that addressed our client’s concerns about prepayment flexibility and speed to close,” said Greer.
The Austin office also closed on a portfolio of office buildings in Houston and Dallas toward the end of May. Vice President Andy Hill worked with Houston based borrower Hartman Income REIT, a Houston-based real estate investment trust, to arrange $19.08 million in refinancing through a life company lender. The proceeds were used to retire short-term bank debt on the properties.
“We recognize the importance of offering our clients a diversity of lending options, and have worked hard to meet those needs,” said Hill. “Whether it’s meeting particular timetables and loan terms for a borrower, or connecting them with lenders such as life companies, we work hard to meet our clients’ evolving needs.”