LOS ANGELES – July 9, 2018 – Berkadia today announced the financing of a single-family rental pool comprised of 251 single family homes and two duplexes across five states. Managing Director Anthony Cinquini of Berkadia’s Los Angeles office secured the $50.28 million in financing through Freddie Mac, which closed on June 7.
The 10-year permanent refinancing was sized using a 75 percent loan-to-value ratio and 30-year amortization schedule.
“We had been discussing this type of financing with Scioto since 2009,” Cinquini said. “We were thrilled to bring it to a close and deliver our client long-term and stable fixed rate financing.”
Berkadia was the first Seller/Servicer to be approved by Freddie Mac to provide single family rental (SFR) financing under its pilot program and the only Freddie Mac Seller/Servicer to date to provide financing for intellectually/developmentally disabled housing through Freddie Mac’s SFR product.
“We are honored to be leading the SFR rental financing efforts on a nation-wide basis for Freddie Mac,” Cinquini added. “Thanks to Freddie Mac, our pipeline is robust for 2018 and we’re looking forward to continuing our partnership.”
Scioto Properties supports over 6,000 people in 40 states.
“Many of the individuals we support depend on long-term financing that Freddie Mac offers to keep their rent as affordable as possible,” said Mary Bea Eaton, CEO of Scioto Properties. “Anthony Cinquini and the entire Berkadia team—along with Freddie Mac—have been a pleasure to work with on this important transaction.”