Berkadia originated a $44 million loan through its HUD/Federal Housing Administration program, for the financing of York Brook Apartments located at 100 E. George Street in Bensenville, Illinois.
The 571-unit property sits on nearly 28 acres of land and was 98 percent occupied at the time the loan was secured. Unit amenities include open kitchen plans, individually controlled heat and air conditioning, private patios and balconies, dishwashers, garbage disposals and furnished rental options. The community, set in a park-like area that includes a lake, offers tennis courts, pools, storage lockers, fitness centers, a laundry facility, free aerobics classes and 24-hour maintenance.
Len Deering and Paul Matusiak, managing directors of the firm’s Chicago office, negotiated the 35-year, fixed-rate refinancing loan for the borrower, YB Partners. The loan features an 80 percent loan-to-value ratio and a 35 year amortization schedule.