AUSTIN, Texas – December 23, 2020 – Berkadia today announced the $29.7 million in financing secured for Palazzo, a garden-style multifamily property in San Marcos, Texas. Managing Director Andy Hill and Associate Director Tyler Nowlin of Berkadia’s Austin office secured the permanent refinancing on behalf of the owner, Florida-based Atlantic Pacific Real Estate Group. The deal closed on October 30.
The 10-year Freddie Mac loan features five-years of interest-only payments followed by a 30-year amortization schedule.
“We were pleased to work with Atlantic Pacific Companies and Freddie Mac to structure and close this refinance loan. The sponsor originally acquired this property in 2014. They have consistently invested in the property to maintain its desirability for residents and to position it for long-term hold,” said Hill.
Located along Wonder World Drive, Palazzo features one-, two- and three-bedroom floor plans with walk-in closets. Community amenities include a swimming pool, a fitness center, a clubhouse, a business center and a dog park. Residents are afforded convenient access to Central Texas Medical Center, Interstate 35 and Stokes Park.