Berkadia Secures Over $67.22 Million in Financing for Multifamily Property in California
SAN FRANCISCO – December 6, 2023 – Berkadia announced today the financing secured for Northpoint Apartments, a 514-unit midrise multifamily property located in San Francisco, California. Managing Director Andy Ahlers of Berkadia San Francisco secured $67.225 million in permanent refinancing on behalf of the borrower, California-based NP Apartments, LLC. The deal closed on November 17.
The five-year loan was financed through Fannie Mae.
“This asset is in the midst of significant interior renovations, which resulted in increased vacancy and made it more challenging to finance,” said Ahlers. “However, our lending partners at Fannie Mae were able to see past the temporary occupancy-related issues and offer a very creative loan structure that recognized the near-term upside as unit renovations are completed.”
Located at 2211 Stockton St., Northpoint Apartments features studio, one-, and two-bedroom floor plans with private patios or balconies and dishwashers. Community amenities include two swimming pools, a fitness center, and laundry facilities. Residents are afforded convenient access to Fisherman’s Wharf, Lombard Street, Chinatown and the shops and restaurants along Bay Street.
Berkadia Secures $67M Fannie Mae Loan on San Francisco Apartments | Connect Commercial Real Estate
514-Unit Northpoint Apartments Refinanced for $67.22MM in San Francisco | The Registry
Berkadia Arranges $67.2M Refinancing for Northpoint Apartments in San Francisco | RE Business Online