Thurston and Ahlers of Berkadia originate $33.478 million for refinance

Berkadia Commercial Mortgage originated a total of $33.478 million in fixed-rate debt through its Freddie Mac program to refinance two multifamily properties. The financing included $23.827 million for the 290-unit Madison Park at Alta Loma Apartments and $9.651 million for the 120-unit Waterstone at Alta Loma Apartments. Mitchell Thurston and Andrew Ahlers of Berkadia's San Francisco office originated the loans, which had 10-year terms and 30-year amortizations. The borrower was a joint venture between Pacific Property Co. and TRECAP Partners. "We were able to help the borrower recapitalize these two institutional-quality assets for long-term ownership by providing aggressively priced fixed-rate debt with an early rate lock through Freddie Mac's Capital Markets Execution product," said Thurston. The CME product, implemented by Freddie Mac in 2008, offers increased flexibility with pricing based on the options requested and individual loan characteristics.