TUCSON—Berkadia has announced the recent financing and sale of FHR Portfolio, a group of eight multifamily properties located across Tucson. Senior vice president Clay Akiwenzie of the San Francisco office originated the $49.8 million loan through Berkadia's Freddie Mac Program. Senior partner Art Wadlund and associate Clint Wadlund of the Tucson office negotiated the sale of the properties, which sold for $66.7 million. The sale price reflects a per-unit price of $42,329. The seller was Family Housing Resources of Tucson, and the buyer was MC Companies of Scottsdale.

“We've worked closely with both clients in the past and our knowledge of their needs within in the context of the overall market was key in finding a good fit on both sides of the deal,” Art Wadlund says. “FHR sought to free up capital for investment, and was offering an excellent collection of well-maintained, strong-performing assets. MC Companies looked to expand their local holdings by acquiring operationally healthy communities with the potential for moderate renovations that would generate additional rental-rate upside.”

MC Companies used the financing to acquire the portfolio, which consists of 1,576 units in total. The seven-year, floating-rate loan features a 2.32 percent interest rate, two years interest only, 75 percent loan-to-value ratio and 30-year amortization schedule.