Campbell and Toland of Berkadia refinance $19.5 million

Berkadia Commercial Mortgage LLC has originated a $19.5 million mortgage through its Fannie Mae program to recapitalize a multifamily property. The 10-year, fixed-rate loan features an interest rate of 4.18% and a 75% LTV ratio. Berkadia senior VP Stewart Campbell and VP Thomas Toland originated and underwrote the deal. The 53,000 s/f, 54-unit multifamily property is located at 475 Driggs Ave. and has been fully occupied since construction was completed in 2010. Building amenities include secured parking, a roof deck and a fitness center. Located a block from McCarren Park, the building also has 12,000 s/f of retail space on the ground floor and includes tenants such as the newly opened Fushimi, an Asian fusion restaurant. "This transaction predictably faced a number of the challenges typically associated with refinancing new construction," said Toland. "We were able to work closely with the borrower and our partners at Fannie Mae to overcome those issues and ensure that the borrower received a quick closing and great pricing."