Berkadia Originates $25.5 Million For Multifamily Property Outside Of Philadelphia
Berkadia Commercial Mortgage LLC (Berkadia) recently originated $25.5 million in financing through Fannie Mae’s DUS platform for the acquisition of Lincoln Woods Apartments. Senior Vice President Jim Badolato worked with borrower BT Lincoln Woods LP, an entity controlled by BET Investments, to secure the 10-year loan. The loan represented 80 percent of the total acquisition costs plus short-term capital budget.
Developed in 1991, Lincoln Woods is a stable, 216-unit garden-style community located in Lafayette Hill, Montgomery County, Pa. alongside Germantown Pike. It sits adjacent to Whitemarsh Country Club and is one mile north of the Chestnut Hill business district.
"BET's ability to approach the acquisition with speed and certainty produced a compelling price point in today's heated apartment market,” said Badolato. “While the property has been well kept, there is a clear opportunity to improve performance with unit upgrades and BET's locally-based management."
BET Investments continues to be an active apartment buyer. Over the last six months they have acquired over 1,000 units in the Philadelphia Metro Area.
“We are excited that we were able to acquire this well located property and increase our Philadelphia area apartment holdings,” said Michael P. Markman, President of BET Investments. “Berkadia was instrumental in assisting in the execution of this transaction so that all parties could complete this transaction in a seamless manner.”
Berkadia Commercial Mortgage LLC is one of the most prominent lenders in the commercial real estate industry and a highly rated special, master and primary servicer managing a portfolio of more than $200 billion as of year-end 2012. As a correspondent for insurance companies and other institutional lenders and a leading approved lender for Fannie Mae, Freddie Mac and HUD/FHA, Berkadia offers clients access to capital for the acquisition, construction, rehabilitation or refinance of multifamily and commercial real estate properties.
To learn more about Berkadia, please visit www.berkadia.com.