STATE COLLEGE APARTMENT COMMUNITY REFINANCED FOR $31.4 MILLION

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STATE COLLEGE, PA. — Berger Rental Communities has procured $31.4 million in Fannie Mae DUS financing for Toftress Apartments, a six-property, 541-unit multifamily community located in State College. The properties were constructed between 1970 and 1984, and they are operated as a single community. The loan carries a fixed interest rate, a 10-year term with 9.5 years of yield maintenance, and a 30-year amortization schedule. Beech Street Capital arranged the transaction and Meridian Capital Group originated it.

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