Brooklyn’s The Driggs Gets $50 Million Fannie Mae Loan
Carl Gaines July 10, 2012, 8:30 a.m.
Berkadia Commercial Mortgage has originated a $49.95 million permanent Fannie Mae loan for a Williamsburg multifamily building. The financing, for North Driggs Holdings, comes on the heels of an interim construction loan, also from Berkadia’s New York office, that allowed for the completion and leasing of the property, The Driggs, at 205 North 9th Street.
That original loan was through the firm’s bridge lending program. This most recent loan closed June 14, 2012 and is for a period of ten years, at a rate of 3.62 percent.
Berkadia senior vice president Stewart Campbell and vice president Thomas Toland worked on both transactions.
Mr. Toland said that Berkadia’s bridge-to-permanent loan program was a perfect fit for the borrower, due to the project’s multiple phases and real estate tax exemption issues. “It gave our borrower the flexibility they needed to complete construction and lease the project.”
The Driggs is 112,000 square feet and 113 units. Since the project received the original bridge loan in November 2011, it has been fully leased.
“As one of the few lenders in the market with a flexible bridge-to-permanent loan program,” Mr. Campbell added, “we were able to give the borrower a one-source lending option to both complete and stabilize and permanently finance the property.”