Berkadia Secures Over $23 Million in Financing for Multifamily Property in Wyoming
WASHINGTON, D.C. — January 28, 2022 — Berkadia announced today the financing secured for South Fork Apartments, a 336-unit midrise multifamily housing property in Gillette, Wyoming. Director Philip Brannigan, Senior Managing Director J. Tyler Blue of Berkadia D.C. Metro and Senior Director Joseph DeGiorgi of Berkadia Philadelphia Mortgage Banking secured the $23.2 million in permanent refinancing on behalf of the borrower, Washington, D.C.-based Pearl Equity Partners and their Jackson, Wyoming office. The deal closed on December 17, 2021.
Freddie Mac originated the 12-year fixed-rate loan.
“The sponsor purchased the property out of foreclosure in September of 2020 and has created a tremendous amount of value since taking over,” said Brannigan. “They invested heavily into renovating down units and were able to stabilize the property shortly after their capital improvement campaign was completed. Freddie Mac rewarded them for the value they created with a long-term fixed-rate loan that allows for them to add on supplemental loans in the future.”
Located at 4500 Running W Drive, South Fork Apartments features one-, two- and three-bedroom floor plans with walk-in closets, in-unit washers and dryers and private balconies or patios. Community amenities include a swimming pool, a fitness center, a clubhouse and a business center. The property affords residents convenient access to Interstate 90, Campbell County Recreation Center and the shops and restaurants near Route 59.