Source: Berkadia / #Apartments #Multifamily
NEW YORK, NY - Berkadia recently secured $5.121 billion for a portfolio of 107 multifamily properties located across nine states. Managing Director Anthony Cinquini of the Los Angeles office worked with the borrower, Lone Star Real Estate Fund IV, to originate the seven-year loan through Berkadia’s Freddie Mac Program.
“This is the largest multifamily transaction Berkadia has executed with Freddie Mac to date, representing an outstanding team effort by everyone involved,” said Cinquini.
Lone Star used the mortgage financing to assist in its acquisition of Home Properties, Inc., which previously owned more than 36,500 total units in Florida, Illinois, Massachusetts, Maryland, Maine, New York, New Jersey, Pennsylvania and Virginia.
“Our group was thrilled to partner with Berkadia and Lone Star to ensure a seamless and efficient execution of this transaction, which is among the most notable multifamily acquisitions in recent years,” said David Brickman, executive vice president of Freddie Mac’s multifamily business.
“We are truly appreciative of the trust shown in us by our tremendous partners—Lone Star and Freddie Mac. In each of the past four years, Berkadia has closed a portfolio transaction in excess of $1.2 billion with Freddie Mac. The ability to execute on these large and complex transactions is unique to Berkadia and speaks volumes about our ownership, our long-term view of the business and the tireless and relentless efforts of our team members,” said Justin Wheeler, chief executive officer of Berkadia. “Accomplishments like this are not possible without the Berkadia team’s best-in-class skills and dedication to serving our clients.”