CHICAGO – November 5, 2018 – Berkadia today announced $27.49 million in combined financing for Creekbend Apartments, Hidden Creek Apartments and Bolton Estates, a portfolio of 456 units across three multifamily properties in Columbus, Ohio. Managing Director Aaron Abelson of the Chicago office secured the loans through Fannie Mae on behalf of their repeat borrower, Los Angeles-based AndMark Investment Advisors, LLC, and the deal closed on September 28.
The financing secured for Creekbend Apartments was a 10-year fixed-rate loan with a 5.12 percent interest rate and four years of interest-only payments followed by a 30-year amortization schedule at an 80 percent loan-to-value ratio.
Hidden Creek Apartments also was financed through a 10-year loan, featuring a 4.85 percent fixed interest rate and four-years of interest-only payments followed by a 30-year amortization schedule and an 80 percent loan-to-value ratio.
Bolton Estates was financed through a 12-year loan, featuring a 4.84 percent fixed interest rate and four years interest-only payments followed by a 30-year amortization schedule and an 80 percent loan-to-value ratio.
“The portfolio is an example of the true collaboration between the Berkadia team and our client,” said Abelson. “We were able to close all three transactions within 30 business days, from application to funding, in order to accommodate a very tight timeframe set by the seller.”
“Berkadia helped us successfully close two other properties last year in the Columbus market in our third fund, and we look forward to experiencing the efficiencies engendered by scaling up our presence in this market through the acquisition of these additional properties,” said Mark Mosch, CEO of AndMark Management Company.
Hidden Creek Apartments and Creekbend Apartments are located at 4800 Hall Road and 1048 Regentshire Drive, respectively, both conveniently accessible via the Jack Nicklaus Freeway. Less than two miles west of both properties, Bolton Estates is located at 5400 Lindburgh Blvd. All three properties are located less than 10 miles from downtown Columbus, where residents can enjoy retail, restaurants and attractions, such as Bicentennial Park and Nationwide Arena, home of the National Hockey League’s Columbus Bluejackets.