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Berkadia Lines Up $661M in Freddie Mac Debt on 4-State Portfolio

Berkadia recently closed on a $661-million financing for a 22-property, 4,670-unit apartment portfolio on behalf of Pennsylvania-based Morgan Properties. TJ Piper and Robert Falese of Berkadia’s Philadelphia office secured the financing for properties located in New Jersey, Pennsylvania, Delaware and Maryland.

The financing from Freddie Mac encompasses 22 individual 10-year fixed-rate loans with a maximum loan-to-value ratio of 80%. The proceeds from this refinance were used to pay off existing debt, which was provided by Freddie Mac and originated by Berkadia in 2013. The pool qualifies as workforce housing.

Noting that Morgan Properties is “a best-in-class operator,” Piper said, “We are thrilled with the execution of this refinance. We were able to secure the debt terms prior to the market volatility, and Freddie Mac once again did an outstanding job to ensure the transaction closed in a timely manner.”

Pictured: Morgan Properties’ Sherwood Crossing in Philadelphia. Photo courtesy of Morgan Properties.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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