May 27, 2020
Berkadia recently closed on a $661-million financing for a 22-property, 4,670-unit apartment portfolio on behalf of Pennsylvania-based Morgan Properties. TJ Piper and Robert Falese of Berkadia’s Philadelphia office secured the financing for properties located in New Jersey, Pennsylvania, Delaware and Maryland.
The financing from Freddie Mac encompasses 22 individual 10-year fixed-rate loans with a maximum loan-to-value ratio of 80%. The proceeds from this refinance were used to pay off existing debt, which was provided by Freddie Mac and originated by Berkadia in 2013. The pool qualifies as workforce housing.
Noting that Morgan Properties is “a best-in-class operator,” Piper said, “We are thrilled with the execution of this refinance. We were able to secure the debt terms prior to the market volatility, and Freddie Mac once again did an outstanding job to ensure the transaction closed in a timely manner.”
Pictured: Morgan Properties’ Sherwood Crossing in Philadelphia. Photo courtesy of Morgan Properties.
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