IRVINE, Calif. – August 7, 2018 – Berkadia announced today the $49.05 million financing of Bridgwater Apartments, a garden-style multifamily complex in Greenwood Village, Colorado. Managing Director David Bleiweiss and Senior Analyst Jack Hunsicker of Berkadia’s Irvine, California office, secured the permanent financing through Freddie Mac.
“All parties worked together to take interest rate risk off the table and avoid the early prepayment penalty,” Bleiweiss said. “We were able to mitigate interest rate risk by locking the index rate early in the application process, followed by a 120-day early rate lock. This strategy allowed the borrower to lock in attractive pricing in a rising rate environment, while waiting for the prepayment penalty period to expire.”
Located at 6401 S. Boston St., Bridgwater Apartments attracts residents from the Denver Tech Center, home to approximately 35,000 employees. The 292-unit property continues to operate with occupancy levels tighter than the submarket, despite a downtick in supply throughout the greater Denver Metro.