Four-Point Play for Berkadia
- Jun 29, 2015
By Ioana Neamt, Associate Editor
It’s been a hard day’s night for Berkadia. The company has been putting in a lot of hours lately, closing on four separate transactions across three states.
According to a news release, three managing directors from Berkadia’s Chicago office teamed up with Associate Director Michael Slovitt on four transactions totaling $23.87 million. The properties are located in Oklahoma City, Denver and suburban Chicago.
Mellow Mushroom – a pizza restaurant franchise located in the Denver-Aurora metro area. Managing Director Laura Cathlina, together with Slovitt managed to provide $2.02 million in financing for Kapsia Properties I LLC to acquire the property. The brokers arranged a 10-year loan at a 4.5 percent interest rate.
Cottages at Hefner – a 256-unit multifamily property in Oklahoma City. Managing Director Aaron Abelson and Slovitt secured a 10-year CMBS refinancing loan of $12.8 million. The CMBS lender provided 100 percent of the cost for borrower The Cottages at Hefner Road LLC.
Fresenius Medical Care Highland Park – a dialysis treatment center in Highland Park, Ill. Slovitt and Abelson originated a $2.55 million loan to facilitate the acquisition of the property by Shepard-Warrenville I LLC and Shepard-Warrenville II LLC. Berkadia managed to secure a 20-year loan through a Life Insurance Co. correspondent.
Hobby Lobby & Micro Center – a two-tenant retail center located in Westmont, Ill. Slovitt and Managing Director Bob Toland secured a 10-year, $6.5 million loan for SCP Realty Fund II – Westmont LLC to acquire the asset. The loan features a 30-year amortization schedule that maximizes the client’s cash-on-cash return.
According to Michael Slovitt, each of the borrowers involved in the four transactions has been a long-time Berkadia client. “No matter the property type – in this case multifamily, medical and retail – deal size, or market, we’re able to provide our clients with custom solutions that fit their specific needs,” he added.
Image courtesy of Berkadia Commercial Mortgage LLC