SAN FRANCISCO – August 6, 2019 – Berkadia today announced $15 million in financing for Cedar Ridge, a garden-style multifamily property in Independence, Missouri. Managing Director Andy Ahlers of Berkadia’s San Francisco office secured the loan on behalf of the borrower, San Francisco-based Cedar Ridge Apartment Homes LLC, and the deal closed on July 31.
The 15-year Fannie Mae refinance loan features a fixed interest rate below four percent and interest-only debt service payments for the entire term.
“We provided acquisition financing for this property just over six years ago,” said Ahlers. “Since that time, the sponsor has created enormous value through property upgrades and other strategic improvements. This recent refinancing allowed the sponsor to realize some of the value that was created, while continuing to hold the asset long-term with very favorable cash flow.”
Cedar Ridge features one-, two- and three-bedroom floor plans with central heating and air conditioning, dishwashers, skylights and modern style finishes. Community amenities include a playground, a tennis court, laundry facilities, a clubhouse, a community garden and organized activities. Residents are afforded convenient access to Adair Park, Camp Creek and East Highway 40.