Berkadia Provides $24M Refinancing for Multifamily Property in Houston

HOUSTON — Berkadia has financed Villas at Cypresswood, a multifamily property located at 9844 Cypresswood Drive in Houston. Jonathan Gilfillan and Cutt Ableson of Berkadia’s Houston office worked to secure the seven-year, floating-rate refinancing loan for the borrower, Community Management. The $24 million loan, which also features an interest-only component combined with a 30-year amortization schedule, was originated through Berkadia’s Freddie Mac program. The 270-unit property, located 25 miles northwest of downtown Houston, features one-, two- and three-bedroom floor plans with faux wood floors and blinds, double paneled windows, home intrusion alarms and garden tubs. Community amenities include a pool, grilling areas, fitness center and controlled access gate.