LOS ANGELES – December 13, 2017 – Berkadia today announced that the Los Angeles office recently secured $156.56 million in Fannie Mae financing on behalf of Realty Center Management for a portfolio of four multifamily properties throughout California. Senior Director Branden McBirney, Associate Director Garrett LaBar and Senior Analyst Vickie Wible led the team in the deal, which closed on November 30.
Three of the 10-year permanent fixed rate loans featured a 3.64 percent interest rate, a 55 percent loan-to-value ratio and full-term interest only payments. The fourth loan featured a 4.05 percent fixed rate, a 75 percent loan-to-value ratio and three years of interest only payments. The loans were placed as a portfolio but were not cross-collateralized. The proceeds were used to refinance existing debt on the properties.
“We were excited to provide another seamless execution on behalf of our client,” said McBirney. “In order to secure very advantageous pricing, we were required to close all four loans simultaneously on the same day.”
Properties financed include:
- Overlook at Blue Ravine is located at 1200 Creekside Drive in the Sacramento suburb of Folsom, California. The property, which features a basketball court, a clubhouse, a fitness center, a putting green and a tennis court, received $88.6 million in financing.
- Americana South Bay is a luxury apartment complex in Torrance, California. The property, which features one-, two- and three-bedroom floor plans, received $32.3 million in financing and is located at 20707 Anza Ave.
- Hollywood Place Apartments is located in Hollywood Hills at 7400 Hollywood Blvd. and features studio, one- and two-bedroom apartments with fireplaces, hardwood floors, granite countertops, private storage and patios and balconies. Berkadia secured $20.8 million in financing for the property.
- Regency at Sherman Oaks was recently redesigned and features many property amenities, such as a pool, a fitness center, a sauna and a barbeque area and is located at 4616 Willis Ave. in Sherman Oaks, California. The Los Angeles team secured $14.6 million for the refinancing.