Finance Midwest

Berkadia provides $21 million in financing for Midwest apartment community

Berkadia provided $21 million in financing for a garden-style multifamily property in the Midwestern United States owned by Sundance Bay Multifamily.

Director Jonathan Pratt and Associate Director Rossana Bouchaya of Berkadia’s Washington D.C. office secured the loan on behalf of Utah-based Sundance Bay Multifamily. The deal closed on June 28.

The ARM 7/6 Near-Stabilization Fannie Mae loan features a variable interest rate, a 100 percent loan-to-cost ratio and two years of interest-only.

Sundance Bay was founded in 2012 with an investment in two small multifamily assets. Since then, Sundance Bay has expanded its multifamily portfolio to acquire more than 4,500 units across the country and launched Debt Strategies and Net Lease Investment verticals.

The property features one-, two- and three-bedroom floor plans with walk-in closets, dishwashers, granite countertops, in-unit laundry and private patios or balconies. Community amenities include a fitness center, a hot tub, a clubhouse, a playground, a pool and a barbecue area.