BERKADIA ORIGINATES $37M FOR TEXAS APARTMENT COMMUNITIES

HOUSTON AND AUSTIN, TEXAS — Berkadia Commercial Mortgage LLC's Austin office has closed several loans totaling $37 million for four multifamily properties in the metropolitan areas of Austin and Houston. Andy Hill of Berkadia originated an $8.1 million refinancing for the 593-unit Lodge Apartments and a $7 million refinancing for the 635-unit Waterfall Park, both located in Houston. Hill originated the loans on behalf of the borrower, JAW Equity Management. C-III Commercial Mortgage funded the 10-year, CMBS loans. Hill also arranged $15.4 million in acquisition financing for the 835-unit Creekstone Apartments, formerly known as Palms at Walnut Creek, in Austin on behalf of the borrower, AHC Creekstone Owner LLC. Hill arranged the floating-rate loan with a sub-3 percent interest rate and 30-year amortization schedule through Berkadia's Freddie Mac program. Lastly, Hill arranged a $6.4 million acquisition loan for The Preserve at Cypress Creek, an 811-unit apartment community formerly known as The Blenheim Apartments, in Houston. Hill arranged the 10-year, fixed 4.09 percent interest rate loan through Freddie Mac on behalf of the borrower, AHC Cypress Creek LP, which is planning to upgrade the community's interiors and common areas.