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JV Secures $168M for the Vermont Purchase

LOS ANGELES—TruAmerica Multifamily and Capri Capital Partners secure the funds through Freddie Mac's Premier Lease-Up program to acquire the $238-million apartment building, GlobeSt.com reports in this UPDATE to a previous story.

By Kelsi Maree Borland | Updated on September 12, 2014

LOS ANGELES—TruAmerica Multifamily and Capri Capital Partners have secured a $168 million loan through Freddie Mac‘s Premier Lease-Up program for the acquisition of the Vermont, a two-building, 464-unit luxury apartment complex in Koreatown. In an earlier story, GlobeSt.com reported that the joint venture purchased the property for $238 million in what is considered the largest apartment sale in California this year.

“The Freddie Mac Premier Lease-Up program was ideal for the borrower as it allowed them to secure nonrecourse financing on an unstabilized asset in a short period of time,” Allan Freedman, SVP with Bekadia Commercial Mortgage, tells GlobeSt.com. “We had a very short timeframe to lock and close the transaction, less than 30 days. One of the benefits of working with this borrower, though, was that their existing relationships and strength in the marketplace allowed us to pursue creative and flexible financing options for them.” Freedman, who is based in Berkadia’s Los Angeles office, secured the funds on behalf of the borrowers along with Detroit-based Berkadia SVP Peter Benedetto.

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