Berkadia, a leading provider of commercial real estate services, recently arranged a $49.4 million financing for South Main Station Phase I, a 253-unit mid-rise multifamily property in Longmont, Colorado. The acquisition loan was secured through Fannie Mae on behalf of Mass Equities Inc., and featured full-term interest only terms with 4.92 percent interest rate and 35 year amortization sizing schedule at 60 percent loan to value ratio.
Formerly the Butterball Turkey plant site, Mass Equities redeveloped the area starting in 2019 at an estimated cost of $70 million into luxury apartments and 10 051 square feet ground floor retail space. Allan Freedman from Berkadia commented that “the long term fixed rate full term interest only financing allowed the client to satisfy their opportunity zone hold while having strong cash flow yearly”
This post originally appeared on Connect CRE
