Berkadia recently arranged $10.3 million in financing for Sandridge Apartments, a multifamily property located in Calumet City, Illinois.
The borrower, Sandridge Limited Partnership, will use the loan to refinance existing debt on the property. Loan terms include a 4.3 percent interest rate, a 69 percent loan-to-value ratio and a 30-year amortization schedule.
Sandridge Apartments was 95 percent occupied at the deal’s closing. Located at 158th Place and Paxton Avenue, the property features one- and two-bedroom floor plans, and unit amenities include fully equipped kitchens with gas stoves and refrigerators, wall-to-wall carpeting and balconies or patios. Community amenities include off-street parking, a swimming pool with sun deck and laundry facilities.
Managing Director, John Oharenko, and Associate Director, Jeanne Peck, of the Chicago office secured the 10-year, fixed-rate loan through Freddie Mac.
