The New York office of Berkadia Commercial Mortgage LLC (www.berkadia.com) recently closed four deals totaling $82.4 million in financing for multifamily properties:
Senior vice president Stewart Campbell and vice president Thomas Toland worked with borrower HSD Construction LLC to provide $33 million in financing through Berkadia's bridge loan program for a multifamily property in Williamsburg. The 12-month, floating rate loan will be used to complete Phase II construction of two seven-story buildings located on N. Ninth St. and N. Tenth St. between Driggs Ave. and Roebling St. Once construction is completed this fall, the two buildings will house a total of 98 units.
Berkadia worked with the same borrowers on Phase I construction of the property in November 2011, arranging $28 million in interim construction financing through the same bridge lending program for the first 113 units. Then in June 2012, Berkadia secured a $50 million permanent, 10-year Fannie Mae loan upon the project's completion. The two new buildings in Phase II are currently 95 percent and 80 percent complete and are anticipated to open in September and November, respectively. The first building is already 70 percent leased prior to completion of construction and is expected to be fully leased within a few months of opening.
"For this particular deal, we were able to utilize our in-house bridge loan program to meet the borrower's needs," said Campbell. "Our extensive knowledge of the Brooklyn area and capabilities as a one-stop commercial mortgage lender—where we can both stabilize and permanently finance a property—were both very attractive qualities to the borrower."

Also in Williamsburg, Campbell and Toland worked with sponsor Keap St. Holdings to originate $23 million through Freddie Mac for 65 Ainslie St., a 46-unit apartment complex. The 10-year, fixed-rate loan was used to refinance an existing mortgage on the property, which is currently 100% occupied.
Additionally, Campbell and Toland closed loans for multifamily properties elsewhere in the borough. The first was a total of $20.1 million through Fannie Mae for properties located on 182 15th St. and 169 16th St. in Park Slope and the second was a $6.3 million loan through Freddie Mac for 506 Washington Ave. in Clinton Hill. Both 10-year, fixed-rate loans were used to refinance existing mortgages.
"We have worked on a significant number of deals in Brooklyn over the last 18 months," said Toland. "The borough is a vibrant component of the overall New York City multifamily and commercial market, and we expect the uptick in activity to continue."

Berkadia Commercial Mortgage LLC is one of the most prominent lenders in the commercial real estate industry and a highly rated special, master and primary servicer managing a portfolio of more than $213 billion as of June 2012. As a correspondent for insurance companies and other institutional lenders and a leading approved lender for Fannie Mae, Freddie Mac and HUD/FHA, Berkadia offers clients access to capital for the acquisition, construction, rehabilitation or refinance of commercial real estate properties. Tags: