Stewart of Berkadia handles $10.55m financing for Chapman Acres, LLC

Stewart Campbell, Berkadia

Vernon, CT Berkadia completed the $10.55 million financing of Mount Vernon Apartments, a multifamily property located at 1120 Hartford Tpke. Senior managing director Stewart Campbell of the New York City office worked to secure the seven-year, fixed-rate refinancing loan for the borrower, Chapman Acres, LLC.

The loan, which also features a 30-year amortization schedule, was originated through Berkadia’s relationship with Freddie Mac.

“We have a longstanding relationship with the borrower, and our team was happy to be able to secure the loan in a timely manner with attractive terms. The Freddie Mac 60-day spread lock feature provided protection from ongoing price volatility, while allowing the borrower to lock the competitive 3.61% interest rate a few days before closing,” Campbell said. “At Berkadia, we strive to develop a strong rapport with our clients so we’re time and again able to provide them with the excellent service they seek.”

1120 Hartford Turnpike - Vernon, CT

The property, located about 16 miles northeast of Hartford, features one and two-bedroom floor plans with fully equipped kitchens, wall-to-wall carpeting, ceiling fans and air conditioning. It was 100% occupied at the time the loan was secured.

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry-leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily, hotels & hospitality and commercial properties. Berkadia is among the largest, highest rated and most respected primary, master and special servicers in the industry.