DALLAS and AUSTIN, Texas – May 7, 2019 – Berkadia announced today the sale and financing of Arbors on Saratoga, a garden-style multifamily property in Corpus Christi, Texas. Managing Director Kelly Witherspoon and Director Justin Cole of Berkadia’s Austin, Texas office completed the sale on behalf of the seller. The buyer was Texas-based ClearWorth Capital, and the deal closed on March 7.
Managing Director Nathan Stone of Berkadia’s Dallas office secured financing for the property on behalf of the buyer, through a life insurance company. The adjustable three-year loan features a floating interest rate and a 75 percent loan-to-value ratio.
“Arbors on Saratoga has a great location along Saratoga Boulevard, near the epicenter of the growth in the southeast pocket of Corpus,” said Witherspoon. “ClearWorth has a significant renovation planned for the property, which will help it rival some of the nicest communities on the south side of town.”
“This was a great opportunity for ClearWorth Capital to execute their value-add plan in a very stable market with low new construction deliveries,” said Stone. “We were able to secure very attractive life insurance company financing, providing maximum flexibility to ClearWorth.”
Located at 6225 Saratoga Blvd., the property features one-, two- and three-bedroom floor plans with air-conditioning and balconies. Community amenities include a business center, covered parking, a clubhouse and barbeque areas. Residents are also afforded convenient access to the shops and restaurants along Saratoga Boulevard.