{"id":1004058022,"date":"2013-01-21T07:00:23","date_gmt":"2013-01-21T15:00:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004058022"},"modified":"2022-12-08T05:35:30","modified_gmt":"2022-12-08T13:35:30","slug":"berkadia-funds-1-5b-m-f-portfolio-in-baltimore-d-c-area","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/berkadia-funds-1-5b-m-f-portfolio-in-baltimore-d-c-area\/","title":{"rendered":"Berkadia Funds $1.5B M-F Portfolio in Baltimore-D.C. Area"},"content":{"rendered":"<p><em>By Scott Baltic, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/Bercadia.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004058024\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/berkadia-funds-1-5b-m-f-portfolio-in-baltimore-d-c-area\/bercadia\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/Bercadia.jpg\" data-orig-size=\"600,675\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Bercadia\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/Bercadia.jpg?w=600\" class=\"alignleft size-medium wp-image-1004058024\" title=\"Bercadia\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/Bercadia.jpg\" alt=\"\" width=\"266\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/Bercadia.jpg 600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/Bercadia.jpg?resize=267,300 267w\" sizes=\"auto, (max-width: 266px) 100vw, 266px\" \/><\/a><\/p>\n<p>Berkadia Commercial Mortgage L.L.C. has closed a $1.5 billion loan portfolio through Freddie Mac for Southern Management Corp., of Vienna, Va., Berkadia announced Friday. The borrower is the Mid-Atlantic region\u2019s largest privately owned residential property management company.<\/p>\n<p>The portfolio, originated by John M.R. Reed, senior vice president at Berkadia\u2019s Richmond, Va., office, is made up of loans ranging from $2.5 million to $135 million on 69 multi-family assets. The individual loans were closed in stages from December to Jan. 11, <em>Commercial Property Executive<\/em> has learned.<\/p>\n<p>The underlying properties represent the vast majority of Southern Management\u2019s assets, which total 74 apartment communities and more than 25,000 apartment units.<\/p>\n<p>The deal is the largest loan funding in Berkadia\u2019s history and reportedly is also expected to be Freddie Mac\u2019s largest multi-family deal eligible for securitization to date through its Capital Markets Execution program.<\/p>\n<p>Southern Management\u2019s chairman and CEO, David H. Hillman, was the transaction\u2019s sponsor. Troutman Sanders served as lender counsel.<\/p>\n<p>\u201cThe multi-family market continues to perform well in response to the slow recovery of the residential real estate sector,\u201d Reed told <em>CPE<\/em>. \u201cRefinancing these properties now allows the borrower to lock in the market\u2019s favorable current interest rates.\u201d<\/p>\n<p>The properties are mostly Class A and B and are spread across Maryland and northern Virginia. The communities are a mix of garden, mid-rise and high-rise buildings ranging from 53 to 1,402 units, containing more than 23,000 total apartment units and more than 250,000 square feet of office and retail space.<\/p>\n<p>The portfolio\u2019s newest property is Palisades of Towson in Towson, Md., developed by Southern Management in 2010. The Class A+ property is an 18-story, LEED Silver\u2013certified building with 357 apartment units and amenities that include a rooftop swimming pool, fitness center and cyber caf\u00e9. It\u2019s currently 95 percent occupied.<\/p>\n<p>The oldest property is Kent Village Apartments in Landover, Md. Originally completed in 1949, it\u2019s an 810-unit garden- and townhome-style property consisting of 84 buildings on a 45.5-acre site.\u00a0 In recent years, the majority of units have been fully renovated, including new kitchens, bathrooms, flooring and fixtures. The community is currently 96 percent occupied.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Berkadia Commercial Mortgage has closed a $1.5 billion loan portfolio through Freddie Mac for Southern Management Corp.<\/p>\n","protected":false},"author":882,"featured_media":1004058024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1579,21808,21783,11,21742,1615],"tags":[],"class_list":["post-1004058022","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-baltimore","category-featured","category-investment","category-midatlantic","category-latest","category-washington-dc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Berkadia Funds $1.5B M-F Portfolio in Baltimore-D.C. Area - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/berkadia-funds-1-5b-m-f-portfolio-in-baltimore-d-c-area\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Berkadia Funds $1.5B M-F Portfolio in Baltimore-D.C. 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