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Original Developer Trades Castro Valley Multifamily Duo
Berkadia arranged the sale and acquisition financing of two value-add, neighboring Castro Valley multifamily communities with a total of 135 units. They included the Cedars, an 83-unit property that sold for $21.45 million, and Creekside Terrace, a 52-unit property that sold for $14.1 million.
Senior managing director Jason Parr, managing director Scott MacDonald and director John Hansen of Berkadia San Francisco arranged the sale on behalf of Felson Companies, the original developer and longtime owner of both communities. Managing director Clay Akiwenzie and director Hank Workman of Berkadia San Francisco arranged a seven-year fixed-rate Freddie Mac loan with full-term interest-only on behalf of San Francisco-based Prime Residential.
“Properties held by a single owner for over 50 years are incredibly rare in the Bay Area, and the value-add potential here drew significant investor demand,” said MacDonald. “Our investment sales team partnered closely with our mortgage banking colleagues to navigate a complex environment and deliver an exceptional outcome for our client.”
- ◦Sale/Acquisition
- ◦Financing
