Berkadia Brokers, Arranges Financing for $85M Gilbert Apartment Sale

Continental Properties sold the 276-Unit Springs at Cooley Station for $85.35 million, or $309,000 per unit. The buyer was Utah-based Millburn and Company.

Berkadia’s Michael Slovitt led financing efforts for the buyer, “Berkadia was able to secure full-term interest only, accretive permanent financing with Fannie Mae on the acquisition. We were able to utilize a rate buydown feature to lock in a 10-year term at an all-in fixed rate of 5.03 percent.”

Berkadia’s Dan Cheyne led the transaction on behalf of the seller.