PROVIDENCE, R.I. AND PRINCETON TOWNSHIP, N.J. — Berkadia Commercial Mortgage LLC has closed two loans totaling $89.5 million for multifamily properties in Rhode Island and New Jersey. The two assets include the 444-unit Regency Plaza in Providence and the 220-unit Barclay Square at Princeton Forrestal in Princeton Township.
Regency Plaza has received a $48 million loan to refinance an existing mortgage on the property. The complex includes three high-rise buildings that offer studio, one-, two- and three-bedroom units. The apartment community is 96 percent occupied.
Robert Lipson with Berkadia’s Red Bank, N.J. office secured the 10-year, fixed-rate loan on behalf of the borrower, Chestnut Hill Realty, through Freddie Mac. Berkadia secured the original loan on the property, which Freddie Mac provided in 2008.
“Berkadia has a longstanding relationship with Chestnut Hill Realty, and with the help of Freddie Mac, we were able to secure historically low interest rates in a short period of time,” says Lipson. “We were pleased to work on this transaction, especially with the recent renovations to the common areas of the property and the continued unit upgrades.”
Lipson also arranged a $41.5 million loan for Barclay Square at Princeton Forrestal in Princeton Township through Freddie Mac. The property, which is 99 percent leased, features two- and three-bedroom units. Lipson worked with the undisclosed borrower to secure the 10-year, fixed-rate financing. The loan was used to refinance an existing mortgage on the property that was originally provided by Berkadia and Freddie Mac in 2003.
Horsham, Pa.-based Berkadia is commercial real estate lender and a special, master and primary servicer managing a portfolio of more than $200 billion as of year-end 2012. The private company is founded as a joint venture between Berkshire Hathaway and Leucadia National Corp.
— Brittany Biddy