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Berkadia arranges financing for two Castro Valley multifamily sales
The 83-unit Cedars sold for $21.45 million and the 52-unit Creekside Terrace sold for $14.1 million, totaling 135 units.
Berkadia arranged the sale and acquisition financing of two value-add, neighboring multifamily communities in Castro Valley, California, totaling 135 units, according to ConnectCRE.
The transaction 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.
ConnectCRE said Berkadia arranged the sale on behalf of Felson Companies, the original developer and longtime owner of both communities.
On the financing side, Berkadia arranged a seven-year fixed-rate Freddie Mac loan with full-term interest-only for the buyer, Prime Residential, the report said.