The Chicago office of Berkadia Commercial Mortgage LLC recently closed a total of $46.4 million through the U.S. Department of Housing and Urban Development’s 223(f) program for two apartment communities located outside of Chicago.
The Berkadia team – consisting of Senior Vice President Len Deering, Vice President Paul Matusiak and Senior Vice President Tom Sigrist – originated both 35-year, fixed-rate loans, which are fully amortizing and feature 80 percent loan-to-value ratios.
In September, Berkadia worked with borrower Foxboro Apartments LLC to originate a $26 million loan to refinance an existing mortgage on Foxboro Apartments. Located in Wheeling, the apartment community sits near five major shopping malls, O’Hare International Airport and Chicago Executive Airport. The one- and two-bedroom apartment layouts are currently 97.5 percent occupied.
Prior to that, Berkadia helped arrange $20.4 million for borrower Abbey Capital Partners. The loan, which also was used to refinance an existing mortgage, was for Abbey Apartments at Four Lakes, located in Lisle. The multifamily, resort style facility is approximately 25 miles west of Chicago and includes a range of amenities, including unlimited skiing, boating, wooded nature trails and four pools. The property is currently 99 percent occupied and offers studio and one-, two- and three-bedroom layouts.
“The suburban Chicago apartment market has been accelerating and more borrowers are looking to lock in favorable, long-term loan rates, which we were able to deliver for both properties,” Deering said.
