Berkadia Funds $661M Freddie Mac Loan for Refinancing of Multifamily Portfolio
KING OF PRUSSIA, PA. — Berkadia has funded a $661 million Freddie Mac loan for the refinancing of Morgan 22 Portfolio, a portfolio of 22 multifamily properties totaling 4,670 units. Morgan Properties, a REIT based in King of Prussia, Pennsylvania, was the borrower. The portfolio includes properties located in New Jersey, Pennsylvania, Delaware and Maryland. The financing package consists of 22 individual fixed-rate loans, all of which carry 10-year terms. The proceeds from this refinance were used to pay off existing debt, which was provided by Freddie Mac and originated by Berkadia in 2013. T.J. Piper and Robert Falese of Berkadia arranged the loan.