WASHINGTON D.C. – May 11, 2020 – Berkadia today announced the recent financing secured for four multifamily properties: The Asher, The Bennington, Merrimac Crossing and Sundance at Baxter Meadows. Senior Director Jonathan Pratt and Associate Directors Maggie Burke and Rossana Bouchaya of Berkadia’s D.C. Metro office secured $148.2 million in combined financing for the properties, and the deals closed on April 30.
“Our team was able to act quickly when treasuries started to fall significantly in early March,” said Pratt. “Based on our opportunistic approach we were able to secure all four of these transactions with favorable rates, significant cash-out and long-term interest-only. A lot of credit here needs to be given to our clients for seeing the opportunity in the market and making the decision to move forward quickly.”
Berkadia secured financing for the following properties:
- The Asher is located at 620 N Fayette St. in Alexandria, Virginia. The Berkadia team secured the $50.59 million refinancing on behalf of Virginia-based Erkiletian Development Company. The 10-year Freddie Mac loan features a 69 percent loan-to-value ratio, six-years of interest-only payments and a 30-year amortization. This Freddie Mac refinance allowed the sponsor to pull equity out of the property, for the first time, at a historically low interest rate.
Developed in 2012, the 206-unit midrise property features studio, one- and two-bedroom floor plans with gourmet chef-inspired kitchens, in-unit washers and dryers, large closets and luxurious bathrooms. Community amenities include rooftop terraces, a dog wash and bike racks. Residents are afforded convenient access to the Braddock Road Metro Station and the shops and restaurants along N Patrick Street.
- The Bennington is located at 1215 East-West Highway in Silver Spring, Maryland. The Berkadia team secured the $45.25 million in refinancing on behalf of Maryland-based Foulger Pratt. The 12-year Freddie Mac loan features seven-years of interest-only payments, a 75 percent loan-to-value ratio and a 30-year amortization. This refinance gave Foulger Pratt the ability to pull equity out of the property and maintain a low interest rate.
Developed by Foulger Pratt in 2004, and refinanced with HUD in 2012, the 223-unit high-rise property features studio, one- and two-bedroom floor plans with spacious kitchens, maple cabinets, full-sized in-unit washers and dryers, private parking and floor-to-ceiling windows. Community amenities include a business center, a resident lounge and a dog spa. Residents are afforded convenient access to the shops and restaurants along Georgia Avenue.
- Merrimac Crossing is located at 159 Merrimac Trail in Williamsburg, Virginia. The Berkadia team secured the $21.38 million in refinancing on behalf of Maryland-based Frontier Financial, LLC. The 10-year Freddie Mac loan features five-years of interest-only payments, a 75 percent loan-to-value ratio and a 30-year amortization.
The garden-style property features one-, two- and three-bedroom spacious floor plans with dishwashers, walk-in closets and garbage disposals. Community amenities include a swimming pool, a playground, laundry facilities and grilling stations. Residents are afforded convenient access to Interstate 64.
- Sundance at Baxter Meadows is located at 3705 Galloway St. in Bozeman, Montana. Berkadia’s D.C. Metro team, along with Senior Managing Director Chris Ellis and Managing Director Monica Newman of Berkadia’s Denver office, together secured the $30.96 million in refinancing on behalf of Utah-based Rockworth Companies. The HUD 223(F) loan features a sub 2.75 percent interest rate.
The garden-style property features one-, two- and three-bedroom floor plans with central air, wood-grain floors, granite countertops and private balconies. Residents are afforded convenient access to Gallatin County Regional Park and Interstate 90.
“In addition to these four, we are aiming to close another deal in early May 2020. This has been a Herculean effort on all five of these deals from Rossana Bouchaya and Maggie Burke—these deals never would have gotten done without them,” added Pratt.