Edmond, OK – November 9, 2021 – Berkadia announced today the financing of Highland 55, a 72-unit, build-for-rent-style multifamily property in Edmond, Oklahoma. Director Mackinley Robinson of Berkadia Seattle secured the $16.125 million in construction takeout financing through Fannie Mae on behalf of the buyer, an Oklahoma-based partnership. The deal closed on October 29.
The 10-year loan featured 89 percent loan-to-cost, 5-years of interest-only, and a 75 percent loan-to-value ratio.
Highland 55 is located at 1117 S Bryant Ave, Edmond, Oklahoma 73034. Edmond is a northern suburb of Oklahoma City, known for its upscale suburban charm, and top school district in the state.
The property is an age restricted market-rate community consisting of 72 units across 36 duplexes. The community offers a multitude of amenities including a gated entry, a centrally located leasing office/amenity building, sports bar/multi-purpose room in the clubhouse, a fitness facility with indoor pickle ball court, exercise room/yoga, outdoor patio with barbeque grill, outdoor TV, and a fireplace. The living units average a massive 1,178 square feet and features unit mixes from one to two bedrooms. The interiors feature open floorplans and modern finishes like granite counter tops, wood cabinets, full size washer and dryers and direct access to private two car garages.