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12/19/19
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Berkadia arranged $35.6 mil in financing, including an $18.1 mil cash out, on a 10-property, 305-unit multifamily portfolio in the Los Angeles area. The properties are located in Los Angeles, Santa Monica and the San Fernando Valley community of Northridge, also part of the city of Los Angeles.
The loan portfolio is comprised of 10 individual loans with the following terms: 12-year, fixed rate first mortgages, with an interest rate of 3.82% and full-term interest-only payments. The financing was originated by Aaron Abelson of Berkadia’s Chicago office and funded through the Fannie Mae Multifamily Small Loan program.
“Berkadia was able to accomplish the borrower’s goal of rate locking at loan application via a Fannie Mae Streamlined Rate Lock. The loans were priced ‘all or nothing’ but not crossed and all of the loans were funded in fewer than 30 days from a signed application,” said Abelson. “In addition, the borrower was able to obtain significant cash out proceeds to return equity to the partners in order to fund anticipated capital projects, as well as deploy capital into future acquisition targets.”
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