The Detroit office of Berkadia Commercial Mortgage LLC arranged $60 million for 1500 Locust Apartments, a multi-family high-rise property located in Philadelphia.
Senior vice president Ernie Katai worked with borrower Capri Capital Partners to secure the 10-year, fixed-rate loan through Fannie Mae.
Berkadia was able to close the loan, which the borrower will use to refinance an existing loan on the property, just 35 days from the application date. The interest-only loan features a 3 percent interest rate and a 30 percent loan-to-value (LTV) ratio.
