News & Transactions

Berkadia Arranges $30 million in Financing for Texas Multifamily Properties


The Austin branch office of Berkadia Commercial Mortgage LLC (Berkadia) closed four multifamily property deals in Texas in the last month, totaling $29.49 million. Highlights from the closings include:
Earlier this year, Berkadia Vice President Andy Hill arranged $19.04 million in financing for long-term client Mosaic Residential Inc. for the acquisition of Mira Vista Ranch. The Class A multifamily property is located in Lewisville, Texas. Mira Vista Ranch occupies 295,668 square feet and has 304 one-to-three bedroom units, which are 95 percent occupied.
Hill and the Austin team used their extensive experience working in the Dallas/Fort Worth-area to arrange a seven-year, fixed-rate loan at an interest rate below four percent. They closed the loan with lender Freddie Mac on Jan. 30, 2012.
Through Berkadia’s relationship with local and regional banks, Hill also recently arranged $10.45 million total in financing on a three-property portfolio for borrower Allen Harrison Company, a real estate investment and service company based in Houston. Berkadia worked with regional lenders to finance the acquisition of three Austin properties — the Gateways, Woodmark and Quail Run.
“Austin’s population growth makes the region an attractive market for our team,” said Hill. “The retail and services industries are two of the largest sectors for employment growth in the area, and our Austin team worked closely with borrowers to identify and fulfill those groups’ demands for multifamily housing.”
The largest of the three loans – at $4.86 million – was for the Woodmark property, a 160-unit apartment complex located in north Austin. The two-and-a-half year, fixed-rate loan has a one-year interest-only period, after which it will amortize on a 25-year schedule.
On the other two properties, the Gateways and Quail Run, Berkadia arranged three-year, fixed-rate loans at $2.75 million and $2.84 million, respectively. The Gateways loan has an interest-only period of 18 months, while the Quail Run loan has an interest-only period of six months and will then amortize on a 25-year schedule. All three mortgages were closed on Feb. 6, 2012.
Property images available upon request.