Berkadia Provides $29.7M Agency Loan for Refinancing of Palazzo Apartments in San Marcos
SAN MARCOS, TEXAS — Berkadia has provided a $29.7 million Freddie Mac loan for the refinancing of Palazzo, an apartment community located in the Central Texas city of San Marcos. According to Apartments.com, the property was built in 1997 and totals 300 units in one-, two- and three-bedroom formats. Amenities include a pool, a fitness center, clubhouse, business center and a dog park. Andy Hill and Tyler Nowlin of Berkadia originated the 10-year loan, which was structured with five years of interest-only payments and a 30-year amortization schedule. The borrower, Florida-based Atlantic Pacific Real Estate Group, originally acquired the property in 2014.