Berkadia Secures $21M For Capitalization of Two Garden-Style ApartmentsJune 30, 2020
BOSTON–Berkadia Commercial Mortgage recently secured $21.08 million in combined financing for Beacon Fairbanks and Kilsyth Manor Apartments, two garden-style multifamily properties in Brookline and Brighton. Managing Director Robert Lipson of Berkadia’s Shrewsbury, New Jersey office secured the permanent refinancing for both properties on behalf of Massachusetts-based Chestnut Hill Realty.
The 10-year Freddie Mac loans both feature an attractive low fixed interest rate, a 75 percent loan-to-value ratio and a 30-year amortization schedule. “Berkadia was very pleased to work with Chestnut Hill Realty and Freddie Mac to help recapitalize the two properties and give the sponsor the flexibility to keep improving his portfolio,” said Lipson.
The Beacon Fairbanks property is located at 1723 Beacon St., Brookline, and features studio, one and two-bedroom floor plans. Community amenities include a laundry facility. Residents are afforded convenient access to the shops and restaurants along Beacon Street. The Kilsyth Manor Apartments is located at 111-115 Kilsyth Road and 72 Lanark Road. The property features one, two- and three-bedroom floor plans with walk-in closets. Community amenities include a laundry facility.