Cassino of Berkadia originates $12.8 million for Grecian Gardens; borrowers are Glendale Development and Morgan Management

Rochester, NY Berkadia arranged $12.8 million in financing for Grecian Gardens, a multifamily property. Managing director Nick Cassino of the New York office secured the refinancing loan through Berkadia’s Freddie Mac program. The 10-year loan features a floating interest rate, an 80 percent loan-to-value ratio and a 30-year amortization schedule. The borrowers are Glendale Development and Morgan Management. The 268-unit property, located at 72 Grecian Gardens Dr., offers studio, one- and two-bedroom floor plans. Unit amenities include dishwashers and central air conditioning. Community amenities include laundry facilities in each building and 24-hour emergency maintenance. It is less than 10 miles northwest of downtown Rochester. “We were pleased to provide the borrower with certainty of execution and the most aggressive terms available,” Cassino said. “Through Berkadia’s offerings, we were able to achieve maximum leverage on this cash-out refinance.”