Real estate investment and development firm Mortgage Properties obtained $1.2 billion in loans through Berkadia Commercial Mortgage to refinance 73 apartment communities across the Northeast.
About 71 of the properties are eligible for securitization through Freddie Mac’s K Deal Program, Morgan Properties said in a press statement.
The properties linked to the loans are located in communities throughout New York, New Jersey, Pennsylvania, Delaware and Maryland.
Morgan Properties, a company based in King of Prussia, Penn., says Freddie Mac provided the company with 10-year, fixed-rate financing and a partial interest-only period.
The underlying properties include garden, mid-rise and high-rise apartment buildings.