LOS ANGELES – January 23, 2017 – Berkadia announced today it provided a combined $171.37 million credit facility through its partnership with Fannie Mae. Managing Director Allan Freedman of the Los Angeles office secured the refinancing loan, which includes multiple tranches of fixed and floating rate debt with maturities from 10-12 years. The deal was completed on December 20, 2016.
“The combined facility will be used for 10 properties located in Northern and Southern California, five of which include an affordable component,” said Freedman. “The facility provides the client with flexibility to bring in additional assets while providing excellent cash flow as it is full term interest only.”
At $68.68 million, the affordable pool has a rate of 3.79 percent for 12 years with full-term interest only payments. Within the conventional pool, there is an $82.69 million fixed rate 12-year term loan, as well as $20 million, floating rate 10-year loan.