Berkadia Secures $16.5 Million in Financing for Multifamily Property in Ohio

March 17, 2021

Berkadia Secures $16.5 Million in Financing for Multifamily Property in Ohio

March 17, 2021
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COLUMBUS, Ohio – March 17, 2021 – Berkadia announced today the financing secured for Flats on Houk, a 168-unit garden-style multifamily property in Delaware, Ohio. Managing Director Scott Wilkie and Associate Director Evan Ballmann of Berkadia’s Columbus, Ohio office secured $16.5 million in permanent refinancing on the property. The deal closed on February 12.

The 10-year Fannie Mae loan features a 2.94 percent interest rate, a 55 percent loan-to-value ratio and full-term interest-only.

“Our lender on this loan pursued and executed on the transaction with very aggressive terms while providing a seamless closing execution,” said Wilkie.  “It was a pleasure to provide this client with an interest rate below three percent and full-term interest-only on this asset.”

Located at 1000 Solomon Square, Flats on Houk features one- and two-bedroom floor plans with large closets and in-unit washers and dryers. Community amenities include a picnic area with grilling stations, a swimming pool, a fitness center, a recreation room, a clubhouse, a dog park and a community garden. Residents are afforded convenient access to U.S. Route 42, Delaware Municipal Airport and Ohio Wesleyan University.

Berkadia provides $16.5 million in financing for Ohio apartment community | RE Journals