NEW YORK – January 11, 2018 – Berkadia announced today the $41 million refinancing for Mansions at Timberland, a multifamily property in Fort Worth, Texas. Senior Managing Director Stewart Campbell of the Manhattan office secured the financing through Fannie Mae on behalf of the borrower, Mansions at Timberland LP. The deal closed in early January.
The seven-year, fixed rate loan features a 75 percent loan-to-value ratio and a 30-year amortization schedule.
“The property quality and our relationship with this repeat customer made this an exciting deal,” said Campbell. “After considering various structures from a handful of aggressive lenders, the borrower chose to go with a Fannie Mae loan, and to meet strict timing deadlines, we closed in 48-days.”
The 381-unit property is located at 11401 N. Riverside Drive, affording convenient access to Highways 170 and 114 and Interstate 35W. The one and two-bedroom floor plans feature energy efficient stainless-steel appliances, granite countertops and in-unit washers and dryers. Residents can enjoy community amenities, such as a saltwater pool, outdoor grilling areas, a business center and a 24-hour fitness center.