SHREWSBURY, N.J. – June 30, 2020 – Berkadia today announced the $21.08 million in combined financing secured for Beacon Fairbanks and Kilsyth Manor Apartments, two garden-style multifamily properties in Boston. Managing Director Robert Lipson of Berkadia’s Shrewsbury, New Jersey office secured the permanent refinancing for both properties on behalf of Massachusetts-based Chestnut Hill Realty. The deals closed on May 26.
The 10-year Freddie Mac loans both feature an attractive low fixed interest rate, a 75 percent loan-to-value ratio and a 30-year amortization schedule.
“Berkadia was very pleased to work with Chestnut Hill Realty and Freddie Mac to help recapitalize the two properties and give the sponsor the flexibility to keep improving his portfolio,” said Lipson.
Beacon Fairbanks, located at 1723 Beacon St., features studio, one- and two-bedroom floor plans. Community amenities include a laundry facility. Residents are afforded convenient access to the shops and restaurants along Beacon Street.
Kilsyth Manor Apartments is located at 111-115 Kilsyth Road and 72 Lanark Road. The property features one, two- and three-bedroom floor plans with walk-in closets. Community amenities include a laundry facility.
Berkadia Secures $21M For Capitalization of Two Garden-Style Apartments | The Real Reporter
Lipson of Berkadia secures $21 million financing for Beacon Fairbanks and Kilsyth Manor Apartments | nerej
Dealmaker: Berkadia Secures $52M for Multifamily | MBA