Berkadia Provides $16.2M Refinancing Loan for Multifamily Community in Jacksonville
JACKSONVILLE, FLA. — Berkadia has provided a $16.2 million Fannie Mae loan for the refinancing of Creekwood Club in Jacksonville. The 176-unit multifamily community was built in 1975 and offers studio to three-bedroom floor plans ranging from 422 to 1,300 square feet. The 10-year loan features a fixed interest rate with partial interest-only payments at a 75 percent loan to value ratio. The property was 95 percent occupied at the time of refinancing. Communal amenities include a pool, clubhouse with stone fireplace, fitness center, billiard and media room, lighted tennis court, dog park and a playground. The property is located at 8343 Hogan Road, seven miles southeast of downtown Jacksonville. Charles Foschini and Christopher Apone of Berkadia originated the financing on behalf of the borrower, Westside Capital.