BERKADIA ARRANGES $28M IN ACQUISITION FINANCING FOR APARTMENT PROPERTIES

SAN MARCOS AND TOMBALL, TEXAS — Berkadia Commerical Mortgage LLC has arranged $28 million in financing for the acquisition of two multifamily properties in central Texas. A fixed-rate loan of $21.9 million at a sub-4.5 percent interest rate funded the purchase of Palazzo Apartments, a 300-unit property located at 1011 Wonder World Drive in San Marcos. The community offers one- to three-bedroom floor plans and is currently 93 percent occupied. Additionally, a $6.1 million floating-rate loan funded the purchase of Dartford Square, a 124-unit property located at 1100 S. Cherry St. in Tomball. The complex includes one- to four-bedroom layouts and is currently 98 percent occupied. Andy Hill of Berkadia secured both loans, which include terms of seven years each, through Freddie Mac.