Berkadia‘s Chicago office, consisting of managing directors: Laura Cathlina, Bob Toland and Aaron Abelson, teamed up with associate director, Michael Slovitt, on four separate transactions across the U.S., closing a total of $23.87 million.
The properties included a two-tenant retail center and single-tenant medical center in the Chicago suburbs, a restaurant franchise in Denver and a multifamily property in Oklahoma City:
- Fresenius Medical Care Highland Park. Abelson and Slovitt originated a $2.55 million loan through another Life Insurance Company correspondent to facilitate the acquisition of a dialysis treatment center in Highland Park, Illinois. The borrower, Shepard-Warrenville I, LLC and Shepard-Warrenville II, LLC, found a long-term single tenant net lease opportunity and needed to act quickly. Berkadia was able to close in less than 60 days and secure a 20-year loan at a rate near 4 percent.
- Cottages at Hefner. Abelson and Slovitt worked with a repeat client to secure a 10-year, $12.8 million CMBS loan, which was used to refinance a multifamily property coming out of rehab and lease up in Oklahoma City. The property was coming out of a full gut rehab of all 256 units and was only 73 percent occupied at application. Berkadia worked with a CMBS lender that was comfortable with the lease up velocity and provided 100 percent of the cost for the borrower, The Cottages at Hefner Road, LLC.
- Hobby Lobby & Micro Center. Toland and Slovitt secured a $6.5 million loan through a Life Insurance Company correspondent for the acquisition of a two-tenant retail center in Westmont, Illinois. Berkadia provided a 10-year loan for SCP Realty Fund II – Westmont, LLC, which locks in the client for a sub-4 percent rate, maximizes the client’s cash-on-cash returns with a 30-year amortization schedule and provides the owner flexibility during the loan term for future value-add opportunities to the site.
- Mellow Mushroom. Cathlina and Slovitt provided $2.02 million in financing for the acquisition of a pizza restaurant franchise in the Denver–Aurora Metropolitan Area. The borrower, Kapsia Properties I, LLC, had a unique situation coming out of a 1031 exchange with limited funds and found an investment opportunity to own great real estate with a long-term lease in place. Berkadia was able to provide a 10-year loan at a 4.5 percent interest rate, including a 25-year amortization schedule.
