Berkadia Arranges $25.1M Acquisition Loan for 300-Unit Apartment Community in Odessa
ODESSA, TEXAS — Berkadia has arranged a $25.1 million loan for the acquisition of Faudree Ranch Apartments, a 300-unit multifamily community in Odessa. Charles Foschini and Christopher Apone of Berkadia arranged the fixed-rate loan on behalf of the borrower, Faudree Ranch Apartments LLC. JPMorgan originated the loan, which features a five-year term and a 67 percent loan-to-value ratio. The property was 90 percent occupied at the time of acquisition.