HOUSTON and DENVER – June 10, 2020 – Berkadia today announced the sale and financing for Granite 550 Apartment Homes, a 228-unit, garden-style multifamily property in Casper, Wyoming. Senior Directors John Laratta and Nick Steele of Berkadia’s Denver office completed the sale on behalf the Colorado-based seller Mountain View Capital, LLC. The buyer was an undisclosed entity.
Senior Managing Director Tucker Knight of Berkadia’s Houston office secured the $26 million loan for the acquisition of the property. The 10-year Freddie Mac loan features a 3.3 percent interest rate and 30-year amortization. The deal closed on May 15, 2020.
“The seller developed a best-in-class product for the Casper market and the state of Wyoming,” said Steele. “The interest from the market was strong, attracting both private capital and institutional investors. We were fortunate to work with great buyers, sellers and the local brokerage community. Everyone was happy with the execution, especially given the uncertainty created by the COVID-19 pandemic. It was a win-win deal all around.”
Granite 550 Apartment Homes is located at 550 Granite Peak Drive and features one-, two- and three-bedroom floorplans with a washer and dryer, a patio or balcony and air conditioning. Community amenities include a fitness center, an outdoor space with grilling stations and a dog park. Residents are afforded convenient access to Route 87, Interstate 25, the shops and restaurants along E Second Street, Wyoming Medical Center East Campus and Summit Medical Center.
Berkadia Arranges Sale of 228-Unit Wyoming Community | Multi-Housing News
Berkadia Secures $26M Acquisition Loan for Granite 550 Apartments in Wyoming | REBusiness Online
Berkadia Lends $26Mln for Purchase of Casper, Wyo., Apartments | CRE Direct
Dealmaker: Berkadia Secures $58M for Multifamily | Mortgage Bankers Association