BERKADIA ORIGINATES $37M LOAN FOR NYC MULTIFAMILY ASSETS

NEW YORK CITY — The Manhattan office of Berkadia Commercial Mortgage LLC has originated $37.1 million in bridge financing for three multifamily properties in Brooklyn. Stewart Campbell, senior vice president at Berkadia, arranged both loans through Berkadia’s proprietary bridge lending program. Campbell worked with borrower 97 Grand Avenue LLC to secure $25 million for the acquisition of two multifamily buildings under development located at 96 Steuben St. and 97 Grand Ave. in the Clinton Hill neighborhood. The two-year loan features a floating, 6 percent interest rate and interest-only payments. In addition to the acquisition, the proceeds from the loan will also fund the remaining construction and lease-up of both buildings. Campbell also arranged $12.1 million in interim financing for a mixed-use property located at 70-78 Willoughby St. The two-year, floating-rate loan features a 4.5 percent interest rate and interest-only payments. The borrower, Metrotech BH Holdings LLC, will use the loan to fund the redevelopment of a commercial and retail building into a mixed-use property featuring rental units and retail space.