Berkadia Commercial Mortgage originated $20.3 million in financing through Freddie Mac on an Austin, Texas multifamily property, Mortgage Observer has learned.
The seven-year, fixed-rate loan is at a “sub 4 percent” interest rate and amortizes over 30 years, according to a representative for Berkadia.
Borrower Atlantic Pacific Properties, an Austin-based owner and manager, refinanced the 240-unit property known as Atlantic Grand Oaks, at 9323 Manchaca Road, with the loan.
The building has one-, two- and three-bedroom units as well as a pool and fitness center, the representative said.
Senior Vice President Andy Hill arranged the loan.
“Austin’s economy continues to surge and as such, it remains a key target market for multifamily investments,” Mr. Hill said in a statement provided exclusively to Mortgage Observer. “Our team’s deep bench of industry expertise and resources allowed us to secure competitive loan terms necessary for our client to complete this transaction.”