Newport Beach, CA (March 23, 2022) — Berkadia announced today the combined financing secured for Lakeview Park Apartments and The Vue Apartments, two garden-style multifamily properties located in Nebraska. Managing Director Allan Freedman of Berkadia Los Angeles and Managing Director John J. Schorgl of Berkadia Kansas City secured the $59.079 million in combined permanent acquisition financing on behalf of the borrower, Cherry Tree Capital Partners.
“The extra year of interest only, over what’s typically offered by Freddie Mac, allowed the clients further runway to execute their business plans for the assets,” said Freedman.
“This was a great opportunity for Cherry Tree Capital Partners to crack the elusive Omaha market,” said Schorgl.
Lakeview Park Apartments is located at 510 Surfside Drive in Lincoln, Nebraska. The $24.339 million 10-year Freddie Mac loan features a 74 percent loan-to-value ratio, a 3.83 percent interest rate and six years interest only.
The 236-unit property features studio, one-, two- and three-bedroom floor plans with air conditioning and private balconies or patios. Community amenities include a swimming pool, a fitness center, a clubhouse, a barbeque picnic area and laundry facilities. Residents are afforded convenient access to Lincoln Airport, Bryan Medical Center East Campus and the shops and restaurants near Route 6.
The Vue Apartments is located at 2882 Comstock Plaza in Bellevue, Nebraska, and the $34.74 million 10-year Freddie Mac loan features a 72 percent loan-to-value ratio, a 3.83 percent interest rate and six years interest only.
The 330-unit property features one-, two- and three-bedroom floor plans with air conditioning, walk-in closets and private balconies. Community amenities include a swimming pool, a fitness center, a clubhouse, a business center, a dog park and a playground. Residents are afforded convenient access to Willow Lakes Golf Course, Nebraska Medicine Bellevue Health Center and the shops and restaurants near Route 370.