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MissouriFinanceMultifamily

Berkadia closes $20 million loan for Kansas City apartment development

November 25, 2020
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Berkadia closed $20.5 million in financing for Summit Crossing Phase II, a townhome-style multifamily property in Kansas City, Missouri.

Managing Director John Schorgl of Berkadia’s Kansas City, Missouri, office secured the refinancing on behalf of the borrower, Missouri-based Worcester Investments. The deal closed Oct. 29.

The 10-year Fannie Mae loan features a fixed interest rate in the low threes, with three years of interest-only payments and a 30-year amortization schedule.

Located at 14500 E. Bannister Road, Summit Crossing Phase II features one-, two- and three-bedroom floor plans with granite countertops, stainless-steel appliances, walk-in closets and hardwood flooring. Community amenities include two playgrounds, two pools, a business center, a pickleball court, a soccer field and a fitness center. Residents are afforded convenient access to Cave Spring Park and the shopping at Summit Woods Crossing.

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