Berkeley Point Capital, Bethesda, Md., closed a $10.9 million loan for the acquisition of Braden Lakes Apartments, a 264-unit garden-style, class-B/C, apartment community located in Bradenton, Fla.
Financing was arranged under Freddie Mac’s Capital Markets Execution Adjustable Rate program, which provides low adjustable-rate and flexible prepayment options.
This transaction was structured to be a seven-year, 2.58% adjustable-rate loan, with one-year interest only followed by a 30-year amortization schedule.
“We are pleased to once again work with this sponsor to help meet their investment strategy needs. This transaction provided the best possible combination of prepayment flexibility, very low floating interest rate, and the ability to releverage the asset after any planned renovations,” said Jim McDevitt, president at Berkeley Point Capital, in a press release.
