Lipson of Berkadia originates $89.5 million in financing for two deals

The New Jersey office of Berkadia Commercial Mortgage LLC (Berkadia) closed two deals totaling $89.5 million in financing for multifamily properties located in Rhode Island and New Jersey. Senior vice president Robert Lipson originated $48 million in financing through Freddie Mac for Regency Plaza, an apartment complex located in downtown Providence, R.I. Lipson worked with borrower Chestnut Hill Realty to originate the 10-year, fixed-rate loan. The loan was used to help refinance an existing mortgage on the 444-unit property, originally provided by Berkadia and Freddie Mac in 2008. "Berkadia has a long-standing relationship with Chestnut Hill Realty, and with the help of Freddie Mac, we were able to secure historically low interest rates in a short period of time," said Lipson. "We were pleased to work on this transaction, especially with the recent renovations to the common areas of the property and the continued unit upgrades." Lipson also arranged a $41.5 million loan through Freddie Mac for Barclay Square at Princeton Forrestal, an apartment community located in Princeton Township, N.J. He worked with Kenneth Pizzo, Sr., principal of the borrowing entity, to originate the 10-year, fixed-rate loan, which was used to refinance an existing loan on the property originally provided by Berkadia and Freddie Mac in 2003. The apartment community, which totals 220 units, features two- and three-bedroom apartments with up to 3,000 s/f of living space in ranch or townhome style residences. Each residence also includes a one- or two-car private, heated garage and access to the 1900 Club. The apartments are currently 99% occupied. "Mr. Pizzo and his family have built a true, class A property in the Princeton area," Lipson said. "We at Berkadia were very happy to work with him again on longer term financing for this wonderful community."