Berkadia Helps Borrower, New to Agency Financing, Secure $38 M. for Multifamily
Berkadia Commercial Mortgage’s New York office has arranged $38 million in Fannie Mae loans for two Miami Gardens, Fla. multifamily properties.
The two 10-year, fixed rate loans were arranged for borrower Rafuls & Associates Construction Corporation for its apartments at 17700-18048 NW 59th Avenue in Miami Gardens. They closed on September 10, 2012
One of the loans is for $33 million and the other is for $5 million. The larger of the two was used for permanent financing for newly-built Parkview Apartments—currently 99 percent leased. Both loans have a 65 percent loan-to-value ratio and will amortize on a 30-year schedule.
Yuri Kletsman, a senior vice president at Berkadia, worked to secure the financing for the borrower, which was new to agency financing.
“We want to thank Berkadia and Yuri Kletsman for such great efforts in helping us through the refinancing of the Parkview Apartments and Garden View Villa Homes,” said Richard Rafuls, president of Rafuls & Associates Construction Corporation. “Yuri and his team were extremely efficient, professional and very supportive on our investment objectives.”