Berkadia originates $235m in Fannie Mae loans

Berkadia has originated $235 million in loans via Fannie Mae to refinance two Gerson Bakar & Associates apartment properties in Aliso Viejo, California.

Berkadia has originated $235 million in loans via Fannie Mae to refinance two Gerson Bakar & Associates apartment properties in Aliso Viejo, California.

The $105 million and $130 million loans on the 590-unit Barcelona at 23592 Windsong and the 675-unit St Moritz at 23411 Summerfield, respectively, carry 10-year terms and a 3.5 percent fixed interest rate.

picture-uh=728752df4a19bffc777b5a6c6d36b357-ps=31f3cf764b7cf618e342e24fe04e4988-Barcelona-Resort-Apartments-23592-Windsong-AlisoThe properties are located on opposite sides of California State Route 73 highway in Orange County’s Aliso Viejo, about 15 minutes to the northeast of Laguna Beach.

The financing comes on the heels of Berkadia providing one of the largest Freddie Mac loans ever on Lone Star’s acquisition of Home Properties, Inc.

The $5.1 billion-plus Lone Star loan eclipsed the $4.4 billion in Freddie Mac loans Berkadia completed in all of 2014, when the firm ranked second only to CBRE Capital Markets’ $5.7 billion in originations.

Berkadia last year was also the third largest Fannie Mae Delegated Underwriting and Servicing (DUS) lender by volume, behind Wells Fargo Multifamily Capital and, in first place, Walker & Dunlop. DUS Lenders delivered nearly all of Fannie Mae’s $28.9 bnillion in 2014 multifamily loans.

Gerson Bakar & Associates owns additional apartment properties in California’s Folsom and Bay areas, as well as in Seattle, Washington and Portland, Oregon.

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