NEW YORK CITY — Berkadia has secured a $5.1 billion loan for a portfolio of 107 multifamily properties located across nine states that was recently acquired by Lone Star Real Estate Fund.
The portfolio consists of more than 36,500 units in Florida, Illinois, Massachusetts, New York, Pennsylvania and four other states.
Anthony Cinquini, managing director of Berkadia’s Los Angeles office, worked with the borrower, Lone Star, to originate the seven-year loan through Berkadia’s Freddie Mac Program.
Lone Star used the mortgage financing to assist in its acquisition of Home Properties Inc., which included the 36,500 units, on October 7.
“This is the largest multifamily transaction Berkadia has executed with Freddie Mac to date, representing an outstanding team effort by everyone involved,” says Cinquini.
New York-based Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corp., provides capital solutions and investment sales advisory and research services for multifamily and commercial properties.
Lone Star is a private equity firm that invests globally in distressed assets and established its first fund in 1995.
— Scott Reid