KANSAS CITY, Mo. – November 24, 2020 – Berkadia today announced the $20.5 million in financing secured for Summit Crossing Phase II, a townhome-style multifamily property in Kansas City, Missouri. Managing Director John Schorgl of Berkadia’s Kansas City, Missouri office secured the refinancing on behalf of the borrower, Missouri-based Worcester Investments. The deal closed on October 29.
The 10-year Fannie Mae loan features a fixed interest rate in the low threes, with three years of interest-only payments and a 30-year amortization schedule.
“Worcester Investments took over a stalled Class A development and completed it under budget and ahead of schedule,” said Schorgl. “They are experts in construction and adaptive reuse.”
Located at 14500 E Bannister Road, Summit Crossing Phase II features one-, two- and three-bedroom floor plans with granite countertops, stainless-steel appliances, walk-in closets and hardwood flooring. Community amenities include two playgrounds, two pools, a business center, a pickleball court, a soccer field and a fitness center. Residents are afforded convenient access to Cave Spring Park and the shopping at Summit Woods Crossing.
Berkadia closes $20 million loan for Kansas City apartment development | RE Journals