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Berkadia Negotiates Multifamily Sale and Finance

PHOENIX—Berkadia arranged the recent loan origination and sale of Gilbert Square Apartments, a multifamily property located at 1821 E. Covina St. in Mesa. The seller was Exchange Services, LLC of Long Beach and the buyer was Gilbert Square Equity LLC of Portland, OR.

By Kristian Seemeyer | Updated on May 04, 2015

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.

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