The New York office of Berkadia Commercial Mortgage arranged $34 million for a multifamily property located in East Moriches, New York.
Senior vice president John DiCrocco secured the 10-year, fixed-rate financing through Berkadia’s Freddie Mac program.
DiCrocco worked with borrower Frowein Road LLC, who will use the loan to refinance existing debt on Walden Pond Apartments. Loan terms include a 3.89 percent interest rate and 30-year amortization schedule.
Walden Pond Apartments is a 324-unit property located on Long Island, New York, some 75 miles east of New York City. Situated on 38 acres of land, it features one- and two-bedroom layouts, and amenities include tennis courts, a pool and fitness center. At loan closing, the property was 97 percent occupied.
“Berkadia’s team worked swiftly and diligently to lock in an interest rate within two weeks, deliver Freddie Mac’s loan commitment in just 45 days and close two weeks later at the borrower’s request to help them avoid double interest payments,” said DiCrocco.
“Our strong relationship with the GSEs and familiarity with the borrower enabled us to manage the transaction seamlessly without any changes to the loan application.”