Berkadia announced today the financing secured for Albany Apartments in Albany, New York.Proceeds of the loan will be used to convert the property, which was originally a major flagged townhouse style hotel, into a 112-unit, garden-style multifamily property. The deal closed August 24.

Managing Director John Sigeti of Berkadia’s Buffalo office secured $5.25 million in acquisition/rehab financing on behalf of the buyer. The 24-month, interest only, non-recourse loan featured a 75 percent loan-to-cost ratio. The bridge loan will be taken out with an agency loan via Berkadia once stabilization is reached.

Albany Apartments will feature 112-units with studio, one- and two-bedroom options.

About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.

To learn more about Berkadia, please visit www.berkadia.com.