Make Some Room For Bridges
While GSEs are still the bulk of financing activity--like the $57M loan portfolio that Berkadia recently closed forConcierge Asset Managementthrough Freddie--bridge lendingis picking up again.
Over the last 12 months, Berkadia SVP/Austin branch managerBrant Smith hasseen a rush of new participants while size constraints diminish. Bridge loans used to be a minimum $15M, but now hes seeing as low as $5M and higher leverage. And structuring is back to pre-crash levels, but dont be alarmedhe says structure was never the problem. (It only matters in grammar and Jenga.)
Now back to that GSE deal, which refinanced four multifamily properties in Houston and San Antonio.It includes $21M for Aberdeen Apartments (pictured), which grabbed a seven-year floating-rate loan at 3.12% interest, which also describes our attention to the Kardashians. That property features 656 units and is 92% occupied. The other local property is El Dorado Ranch Apartments in Webster, which received a $10M refi with a 10-year fixed-rate loan at 75% LTV. Its 324 units and 91% occupied.
