Berkadia Facilitates $26.35M Refinance of Terrain on the Parkway in Allentown, Pennsylvania
Allentown, PA – June 7, 2023 – Berkadia announced the financing of Terrain on the Parkway (“Terrain”), a newly-developed mid-rise multifamily property in Allentown, Pennsylvania. Senior Managing Director Robert Falese of Berkadia Philadelphia secured the $26.35 million refinance loan through Freddie Mac on behalf of the sponsors, Scully Company & Serfass Construction. The eleven-year fixed-rate lease-up loan closed on May 10 and featured a sub 5.50 percent interest rate.
Located at 1625 Lehigh Parkway East, the property affords convenient access to the Lehigh Parkway. Terrain was built in 2022 and features 160 units with studio, one, two, and three-bedroom apartment homes.
“Berkadia Philadelphia has had the pleasure of working with Scully Company for multiple decades, spanning multiple generations. We are consistently impressed by their ability to develop and effectively operate quality real estate,” said Falese. “They make our job extremely easy on all fronts and we are very appreciative of their continued partnership.”
“We appreciate the Berkadia team’s expertise and counsel navigating a volatile capital market environment to shepherd this permanent financing effort over the finish line” said John Schonborn, Managing Director of Investments at Scully Company.