August 10, 2018 Comments (0) Views: 663 National News, Top National

Berkadia Secures $509M for 12-State, 4,800 Single-Family Rental Pool

Front Yard Residential secured $508.7 million in financing for a single-family rental pool totaling 4,813 rental units across 12 states. Berkadia’s Anthony Cinquini secured the financing through Freddie Mac on behalf of the U.S. Virgin Islands-based borrower. The 10-year permanent financing was sized using a 69% loan-to-value ratio and a 30-year amortization schedule.

Cinquini says, “Though we’ve closed five single-family rental financings with Freddie Mac’s Affordable Single-Family Rental (SFR) Pilot Program totaling over $100 million to date, this is a significant accomplishment for Berkadia and Freddie Mac.”

The pool is comprised of 4,636 single-family homes, 96 townhomes, 34 duplexes, 3 triplexes and one quadplex. More than 78% of the units financed have rents that are considered affordable for families earning at or below 80% of the area median income (AMI), and 93% of the units are affordable for families earning at or below 100% AMI.

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