Multifamily v Wisconsin

Berkadia closes sale of 172-unit apartment complex in Madison

  

Berkadia closed the recent sale and financing for 306 West Luxury Apartments, a luxury multifamily property located in Wisconsin’s capital city of Madison.

Alex Blagojevich, Ralph DePasquale and Parker Stewart of the Chicago office completed the sale on behalf of the seller, 306 West Main, LLC. In addition to the sale, Berkadia’s John Oharenko, Michael Slovitt and Jeanne Peck secured financing for the buyer, 306 Apartments LLC, through a Berkadia insurance company correspondent. The deal closed on July 13.

The 10-year loan features a 3.51 percent interest rate, a 30-year amortization schedule and a 52 percent loan-to-value ratio.

Built in 2015, 306 West Luxury Apartments features 172 units with one- and two-bedroom floor plans with stainless steel appliances, granite counter tops with a breakfast bar, balconies and patios, walk-in closets, custom cabinetry and in-unit washer and dryers. Community amenities include a 24-hour fitness center, a club room and a spacious private courtyard with a kitchenette, grill, fireplace and ample seating.

Located at 306 W. Main St., the property affords convenient access to Capital Square, Overture Center, Dane County Farmer’s Market, Madison B-cycle Station, State Street and Lake Monona, all within a three-block walking distance.