SAN FRANCISCO – June 13, 2022 – Berkadia announced today the financing secured for The Woods, a 1,841-unit garden-style multifamily property located in San Jose, California. Managing Director Andy Ahlers of Berkadia San Francisco secured the $235 million in permanent refinancing on behalf of the borrower, The Woods of San Jose LLC. The deal closed on June 6.
The long-term fixed-rate loan was financed through Freddie Mac.
“Berkadia worked with our lending partners at Freddie Mac to lock this loan’s interest rate back in March, well in advance of the required closing date in June,” said Ahlers. “Given the run-up in rates since March, this offered incredible value to the borrower in terms of interest rate risk mitigation.”
Located at 4300 The Woods Drive, The Woods features studio, one-, two- and three-bedroom floor plans with private patios or balconies. Community amenities include six swimming pools, multiple fitness centers and a basketball court. Residents are afforded convenient access to Los Lagos Golf Course, Raging Waters San Jose and the shops and restaurants along Monterey Road and East Capital Expressway.