LOS ANGELES—Berkadia Commercial Mortgage LLC has arranged $57.3 million in financing for an apartment portfolio owned by California Villages. The 471 units located throughout Southern California are 98% leased.
“Although two of the properties were built in the 1970’s, the borrower maintains the properties in excellent condition and it allowed us the opportunity to provide very attractive 10 year refinance loans from Freddie Mac. We were able to structure the refinance with early rate locks to eliminate the Sponsor’s interest rate risk,” said Ernest Katai, senior vice president and manager of Berkadia’s Detroit office, in a statement. “We have provided financing for the Sponsor in the past and our strong relationship with them and Freddie Mac made for a perfect fit to meet their short-term and long term needs.”
Craig Yonezawa of Pathfinder Capital LLC represented the sponsor in the transaction.