PHILADELPHIA – October 26, 2017 – Berkadia announced today the closing of $32.55 million in financing for Deerfield Commons, a multifamily property in Shippensburg, Pennsylvania. Managing Director Brian Campbell along with Associate Director Jeremy Lynch and Analyst Jake Adoni of the Philadelphia office secured the permanent refinancing loan through Berkadia’s Fannie Mae program on behalf of the borrower, Deerfield Commons, LP, based in Central Pennsylvania. The loan closed on September 29.
The 10-year fixed rate, non-recourse loan represented a 75 percent loan-to-value ratio and included two years of interest-only followed by a 30-year amortization schedule for this 95 percent leased and occupied community.
“Deerfield Commons is a Central Pennsylvania gem that has been impeccably managed and maintained by Paradigm Properties Group,” said Campbell. “The Deerfield Commons partnership will further benefit from the competitive new Fannie Mae loan, with a significant basis point reduction from the previous loan and, as a result, an increase in cash flow.”
With the Deerfield Commons closing, Berkadia has financed more than $225 million of apartments in Central Pennsylvania in 2017.
The property, located at 100 Deerfield Commons, boasts excellent highway access and offers one-, two- and three-bedroom floor plans with washers and dryers in each unit and furnishing options. Residents can enjoy the on-site fitness center, swimming pool, business center, ponds and wildlife areas.