The loans are financing the venture's acquisition of 14 multifamily properties located in six states. The complexes were built between 1985 and 2000. Kip Kimble, vice president of national accounts at Berkshire Mortgage finance, was the loan originator for both transactions.
The financing, which comprises two loans, one for $115.85 million and one for $104.49 million, both carry a 6.76% fixed interest rate and were created through Fannie Mae's Capital Markets Group.
Boston-based Berkshire is a national mortgage-banking firm with divisional headquarters in Bethesda, MD and Irvine, CA as well as branch offices in several major cities. It has a servicing portfolio in excess of $12 billion.
In a separate multifamily deal, three loans have been secured by an undisclosed client for the purchase of three apartment complexes in Lynn, MA. The financing, obtained under Fannie Mae's Delegated Underwriting and Servicing product, totals $2,497,500 in financing.
The loans, provided by Arbor Commercial Mortgage LLC, all have 10-year terms and amortize on 25-year schedules. Each carries a note rate of 7.09% The funding was originated by Paul Morehouse, an Arbor vice president in the Uniondale, NY-based firm's Boston office. The three complexes have a combined total of 79 units.
Lynn closed recently closed deals on two other Lynn properties. The Broadway Lynn and the Parkway Lynn each received financing for $772,000 in June. Both are on 10-year terms with 30-year amortization schedules and carry note rates of 7.44%. In February, Arbor provided $136,606,000 in financing for the Herald Towers in New York City.
Arbor frequently uses the DUS line for smaller loans and apartment projects. As Fannie Mae's principal product for individual multifamily loans, Arbor says the line is less costly and more streamlined than a conventional mortgage. The real estate investment banking firm specializes in multifamily apartment complexes, senior and affordable housing, hotels, office, industrial and retail properties on a national level.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
