Berkadia Secures $49.4M in Refinancing for Multifamily Property in Longmont, Colorado
Longmont, CO– July 17, 2023 – Berkadia announced today the refinancing of South Main Station, Phase I, a 253-unit, mid-rise multifamily property in Longmont, Colorado. Managing Director Allan Freedman and Associate Director Nick Provost of Berkadia Los Angeles secured $49.4 million refinance loan through Fannie Mae on behalf of Mass Equities, Inc. The deal closed on June 29.
The ten-year loan was full-term interest-only, featured a 4.92 percent interest rate, a 35-year amortization sizing schedule, and a 60 percent loan-to-value ratio.
“Allan, Nick and the entire Berkadia team were amazing throughout this process,” stated Andrew Sobel, founder and CEO of Mass Equities, Inc. “Their professionalism, market reach, and experience allowed South Main Station to achieve an amazing result above our expectations in the most difficult capital markets environment we have seen in 15+ years.”
“The long-term, fixed-rate full-term interest-only financing allowed the client to satisfy their opportunity zone hold while having strong cash flow yearly,” said Freedman. Formerly a Butterball Turkey plant, Mass Equities redeveloped the site to include 253 luxury apartment units and 10,051 square feet of ground-floor retail space.
Berkadia Secures $49.4M Refi Loan for Longmont Apartments | Connect Commercial Real Estate
Berkadia obtains financing for South Main Station mid-rise (Page 22) | Colorado Real Estate Journal