OKLAHOMA CITY (March 2, 2020) – Berkadia announces it has arranged a $33.78 million loan for the acquisition of Sycamore Farms Apartments, a 398-unit apartment community located in Oklahoma City, Oklahoma.
Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins and Senior Analyst Abigail Beauchamp of Berkadia’s Boca Raton office arranged the financing on behalf of the sponsor, a partnership between GMF Capital and Vesta Capital, a privately held real estate investment firm focused on the acquisition and management of multifamily properties in Oklahoma and Arkansas.
Berkadia originated and Freddie Mac purchased a 10-year, fixed-rate loan with five years interest only.
“With limited new supply, rents in the Oklahoma City area have risen about 3.8 percent year over year – above the national average of 3 percent – which has made this metro area an attractive place for multifamily investors,” said Sinberg.
Built in 1998 and located at 14900 North Pennsylvania Avenue, Sycamore Farms Apartments offers one-, two- and three-bedroom apartments ranging from 692 square feet to over 1,300 square feet. Units feature modern finishes, expansive windows, gourmet kitchens with high-end appliances, and private patios or balconies. Some homes also include a fireplace. Amenities at the gated community include two resort-style pools, a 24-hour fitness center, a resident business center, dog park, and picnic and barbecue grill areas. Detached and attached garages are also available along with covered parking.
Sycamore Farms is located less than 20 miles north of downtown Oklahoma City, with convenient access to the John Kilpatrick Turnpike and a number of dining, shopping and entertainment destinations.