Berkadia secures $70M loan for luxury apartment building

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Berkadia arranged $70.2 million in construction and permanent financing for the multifamily residential portion of the Wheeling Town Center, a mixed-use development in Wheeling.

Paul Matusiak of Berkadia arranged the loan which closed on June 6. Berkadia secured the financing on behalf of the borrower, Illinois-based WTC Residential Development LLC. The first mortgage is both a 25-month construction and fully amortizing 40-year permanent loan featuring a 3.7 percent fixed interest rate greater than 85 percent loan-to-cost.

The development will include 301 luxury rental units designed with top-tier energy efficiencies, including amenities such as a spacious sourtyard with a pool, firepit, grill stations, dining tables, covered bar with TVs, a putting green and an open lawn area for leisurely games and activities.

The property also provides a fitness room with a yoga and spin class studio, spacious loung area, entertainment room with a demo kitchen, cafe, business center, coffee room, dog washing station and a game room.

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