DENVER – July 5, 2017 – Berkadia announced today that it arranged $56.5 million in financing for Veranda Highpointe, a luxury multifamily apartment community in South Denver, Colorado, owned by a TruAmerica Multifamily joint venture. Senior Managing Director Peter Benedetto, Senior Managing Director Edward Zimbler, Managing Director Colin Callaghan and Managing Director Allan Freedman of Berkadia’s Detroit and Los Angeles offices arranged the refinancing loan with a life company, which closed on May 10.
The 10-year, full-term, interest-only loan features a fixed interest rate and a 50 percent loan-to-value ratio.
“We appreciate the opportunity to work with this client on another successful transaction,” said Benedetto. “Whether it be through an agency, or in this case a life company, our team evaluates all the options to find the best execution for our clients.”
“The financing provided for a return of equity with substantial cash flow,” said Freedman.
Veranda Highpointe is located at 6343 E. Girard Place, affording convenient access to nearby shopping and restaurants, as well as Denver transit’s Southmoor Light Rail station. Attractions in the area include Fiddler’s Green Amphitheatre, University of Denver and Cherry Creek State Park.
The property features studio, one-, two- and three-bedroom floorplans with several in-unit amenities, such as granite countertops, custom cabinetry, stainless steel appliance, walk-in closets and private balconies and patios. Community amenities include a rooftop lounge, a 24-hour fitness center, a yoga studio, a basketball court, breathtaking mountain views and Denver’s only lazy river.