BERKADIA PROVIDES $56.5M FOR ACQUISITION OF APARTMENTS IN AUSTIN

AUSTIN — Berkadia Commercial Mortgage LLC has arranged a $56.5 million loan through Fannie Mae for the acquisition of the Retreat at Barton Creek in Austin. Jackson Cloak worked with the principals of the borrowing entity to originate the 10-year, fixed-rate financing. Additional loan terms include three years of interest-only payments and a 30-year amortization schedule. The complex is 97 percent occupied. A partnership of investors with Paydar Cos. and Lankford & Associates purchased The Retreat at Barton Creek. The property is located at 3816 S. Lamar Blvd. and sits on 30 acres along the Barton Springs Greenbelt. The 600 apartments comprise a total rentable space of 426,000 square feet. Amenities include a pool and spa, sundeck, clubhouse and gym.