CHICAGO and KANSAS CITY, Mo. – August 5, 2020 – Berkadia today announced the sale of Steeplechase on Maple, a 314-unit garden-style multifamily property located in Omaha, Nebraska. Senior Managing Director Alex Blagojevich and Managing Directors Michael Sullivan and Ralph DePasquale, as well Director Parker Stewart of Berkadia’s Mid-Markets Team, completed the sale on behalf of the seller, Illinois-based Redwood Capital Group. The buyer was Colorado-based Centennial Capital Partners, and the deal closed on June 27.
“As part of a greater plan to exit certain secondary market partnerships, Redwood had identified Steeplechase for disposition in 2020. When government shutdowns began in mid-March, we developed a strategy to market the asset and facilitate a transaction during a time of uncertainty when travel was slowing and whole businesses and service lines were closing physical operation,” said Blagojevich. “The strategy was built around limited on-site interaction and required constant communication across our Mid-Markets team, our mortgage banking team and the Redwood team. Ultimately, we were able generate 10 bids on the offering from buyers across six states with none coming from the state of Nebraska. Our mortgage banking team was able to generate a low-leverage, full term interest-only loan for the buyer, which made the investment opportunity appealing and allowed the buyer to meet their return threshold. We could not have made this transaction without the incredible responsiveness provided by the Redwood team in coordination with a buyer group that was willing to push through obstacles to close the transaction.”
Located at 14949 Manderson Plaza, Steeplechase on Maple features one-, two- and three-bedroom floor plans with walk-in closets, gas fireplaces and upgraded interiors and appliances. Community amenities include a fitness center, a swimming pool, an outdoor area with grilling stations, a sundeck, a clubhouse and a playground. Residents are afforded convenient access to the shops and restaurants along West Maple Road.