Philadelphia, PA — Berkadia announced financing for Morgan 22 Portfolio, a 22-property portfolio comprised of 4,670 total units. The portfolio includes properties located in Delaware, New Jersey, Pennsylvania, and Maryland. TJ Piper and Robert Falese of Berkadia’s Philadelphia office secured the $661 million in financing for the
portfolio on behalf of the borrower, Pennsylvania-based Morgan Properties. The financing provided by Freddie Mac is comprised of 22 individual 10-year fixed-rate loans sized to a max of an 80 percent loan-to-value ratio. The proceeds were used to pay off existing debt, which was provided by Freddie Mac and originated by Berkadia in 2013. The pool qualifies as workforce housing as 87 percent of the units are affordable for renters making 100 percent of area median income.
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