Berkadia Secures Over $27.51 Million in Combined Financing for Two Multifamily Properties in New York
BUFFALO, NY – August 22, 2022 – Berkadia announced today the combined financing secured for Crystal Creek and Sherwood Meadows, two garden-style multifamily properties located in New York. Managing Director John Sigeti of Berkadia Buffalo mortgage banking secured the $27.515 million in combined permanent refinancing on behalf of the borrower, New York-based Burke Builders.
“This deal allowed us to combine one property with no affordability and another property with significant affordability to get favorable pricing on both,” said Sigeti. “We also used a five-year stabilized property to get more cash out on the recently constructed Crystal Creek – total cash out $7 million.”
Crystal Creek is located at 299 Leydecker Road in West Seneca, New York. The property features one-, two- and three-bedroom floor plans private patios or balconies and in-unit washers and dryers. The property affords residents convenient access to Harvest Hill Golf Course and the shops and restaurants near Route 20.
The 10-year $12.38 million loan was financed through Fannie Mae. The deal closed on August 1.
Sherwood Meadows is located at 3750 Heatherwood Drive in Hamburg, New York. The property features one-, two- and three-bedroom floor plans with walk-in closets and dishwashers. Community amenities include a barbeque area. The property affords residents convenient access to Hilbert College, Penn Dixie Fossil Park & Nature Reserve and the shops and restaurants near Route 20.
The 10-year $15.135 million loan was financed through Fannie Mae. The deal closed on August 15.