RENO, NV—With the Orange County office of Berkadia Commercial Mortgage LLC providing a $33.2 million loan RPM Company has acquired a 350-unit multifamily property here.
Berkadia worked through Freddie Mac for the loan for the The Alexander at South Virginia, which is currently 96% occupied. Berkadia VP David Bleiweiss and assistant VP Anthony Ansevin worked with the borrower, RPM Company, to originate the 10-year, fixed-rate permanent financing.
The full-term, interest-only loan, which was used towards the acquisition of the 350-unit property, is currently 96 percent occupied. Featuring one-, two- and three-bedroom apartment homes, The Alexander at South Virginia community offers amenities such as a swimming pool and spa, movie theater and cardio center. Many units also include views of Mt. Rose and the surrounding Sierra Nevada Mountains.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
