Berkadia today announced it secured $72.19 million in financing for The Retreat Apartment Homes, a multifamily property in Walnut Creek, California. Managing Director Allan Freedman of Berkadia’s Los Angeles office secured the permanent refinancing through Freddie Mac on behalf of The Ezralow Company and Capital Valley Investments. The deal closed on November 30.
The 10-year fixed-rate loan features a 3.75 percent interest rate, a 60 percent loan-to-value ratio and full-term interest only.
“We worked closely with Freddie Mac to deliver a loan to the sponsor which allowed them to refinance the existing first, second and third loans with significant cash out and a waiver of existing prepayment penalties,” said Freedman.
The Retreat is located at 1459 Creekside Drive, affording convenient access to Interstate Route 680 and downtown San Francisco, which is approximately 25 miles west. The property features studio, one- and two-bedroom floorplans with granite countertops, stainless steel appliances, patios and balconies and washers and dryers. The community also features a clubhouse, a fully equipped fitness center, a heated pool and a barbeque and picnic area.
In August 2017, Freedman also secured $28 million in Fannie Mae financing for Glenmary Village, a multifamily apartment community in Louisville, Kentucky.