Berkadia Secures $45M Acquisition Loan for Versailles Apartments in Philadelphia | REBusiness Online

Fine Print: Alterra Sells Center City Property | Philadelphia Business Journal

PHILADELPHIA – December 14, 2018 – Berkadia today announced $45 million in acquisition financing for Versailles Apartments, a high-rise multifamily property in Philadelphia. Senior Director Matt Cullison of the Philadelphia office secured the loan on behalf of funds affiliated with Spring Creek, a Philadelphia-based family office. The deal closed on November 27.

The 12-year permanent acquisition financing features five years interest only, followed by a 30-year amortization schedule. The loan was provided by New York Life Insurance Company.

“We cast a wide net when exploring the client’s options on this refinance, and New York Life narrowly edged out the agencies and other life companies with their ability to offer the best interest rate and interest only at $45 million,” said Cullison. “We also executed under a tight timeframe for this acquisition, closing the loan just 32 days after the loan application and purchase agreement were signed.”

Located at 1530 Locust St., Versailles Apartments offers luxurious one-, two- and three- bedroom apartments. The property was originally built in the 1920s but was fully rehabbed by Alterra Property Group over the past 36 months. The property affords convenient access to Rittenhouse Square Park, along with restaurants and shops. On-site amenities include a fitness center, a yoga studio and a roof deck.