PHILADELPHIA, PA—Berkadia provided an $80.4 million loan to Castle Rock Equity Group for its acquisition of ICON 1616, a historic, luxury, multifamily property located at 1616 Walnut Street in Philadelphia.
Berkadia managing director Yuri Kletsman of the firm's New York City office secured the 10-year, fixed-rate loan through Berkadia's Fannie Mae DUS Program.
“After an aggressive bidding process, Berkadia leveraged its long-standing relationship with Fannie Mae to provide a highly competitive loan structure and attractive terms,” says Kletsman. “This strong relationship, coupled with our experience closing deals in the Philadelphia area, allowed us to navigate the loan process smoothly with optimal execution.”
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