PHOENIX—Berkadia arranged the recent loan origination and sale of Gilbert Square Apartments, a multifamily property located at 1821 E. Covina St. in Mesa. Assistant vice president Chad Williams of the Phoenix office originated the fixed-rate loan through Berkadia's Fannie Mae Program. Senior partner Mark Forrester, partner Ric Holway and vice president Dan Cheyne, also of the Phoenix office, negotiated the sale of the property, which sold for $10.7 million. The sale price reflects a per-unit price of $64,939. The seller was Exchange Services, LLC of Long Beach and the buyer was Gilbert Square Equity LLC of Portland, OR.

Berkadia arranged the acquisition loan for the property. Loan terms included a 75% loan-to-value ratio and 10-year term.

Built in 1979, the 164-unit property features one- and two-bedroom floor plans. Unit amenities include fully equipped kitchens, and select units have walk-in closets. Community amenities include a swimming pool, laundry facility, barbecues, and over 250 open parking spaces. The property was 93% occupied at the time of sale.