IRVINE, Calif. – May 6, 2020 – Berkadia today announced the $44.38 million in combined financing secured for two multifamily properties, Vineyard Village in Southern California and Wellington Park in Texas. Managing Director Charles Christensen, Senior Director Vincent Punzi and Vice President of Originations Lowell Takahashi of Berkadia’s Irvine, California office secured the permanent financing for both properties on behalf of the California-based borrower, an undisclosed entity. The deals closed on April 28.
The properties were dual tracked as 10-year fixed loans through the Fannie Mae Multifamily Affordable Housing and Conventional programs. The well-maintained properties have been under long term ownership. Ownership self manages the properties and has spent in excess of $2 million of capital improvements since 2017.
“The borrower was very pleased with the ability of Berkadia to navigate through issues that arose as a result of the COVID-19 crisis,” said Christensen. “We successfully closed these loans with a blended interest rate of 2.49 percent with over $17 million cash out.”
“These were our first two transactions with Berkadia and they couldn’t have gone any better,” said the borrower. “We were hesitant to start a loan process during COVID-19, but the diligence done in the quote stage and proactive communication delivered better than expected terms.”
Wellington Park affords residents convenient access to grocery, retail, entertainment and highway options. The property features one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, a playground, a clubhouse and laundry facilities.
Vineyard Village is conveniently located near grocery, retail and dining options, located within minutes of the Ontario International Airport. The property features one- and two-bedroom floor plans. Community amenities include two swimming pools, a spa, a clubhouse, an outdoor area with grilling stations, a fitness center and laundry facilities.