PHILADELPHIA – May 21, 2020 – Berkadia today announced the financing secured for Morgan 22 Portfolio, a 22-property portfolio comprised of 4,670 total units. The portfolio includes properties located in New Jersey, Pennsylvania, Delaware and Maryland. TJ Piper and Robert Falese of Berkadia’s Philadelpha office secured the $661 million in financing for the portfolio on behalf of the borrower, Pennsylvania-based Morgan Properties. The deal closed on April 8, 2020.
The financing provided by Freddie Mac is comprised of 22 individual 10-year fixed-rate loans sized to a max of an 80 percent loan-to-value ratio. The proceeds from this refinance were used to pay off existing debt, which was provided by Freddie Mac and originated by Berkadia in 2013. The pool qualifies as workforce housing as 87 percent of the units are affordable for renters making 100 percent of area median income.
“We are thrilled with the execution of this refinance,” said Piper. “We were able to secure the debt terms prior to the market volatility and Freddie Mac once again did an outstanding job to ensure the transaction closed in a timely manner. Morgan Properties is a best-in-class operator and we are proud to continue providing them the exceptional service they are accustomed to from Berkadia.”