Morgan Properties closed a $1.2 billion series of loans to refinance a large portion of its multifamily portfolio.
Berkadia Commercial Mortgage originated the financing of the 73 apartment communities, 71 of which are eligible for securitization through Freddie Mac’s K Deal Program. The underlying properties consist of a wholly owned portfolio of communities that comprise 13,799 units located in New York, New Jersey, Pennsylvania, Delaware and Maryland.
Morgan Properties, which is based in King of Prussia, PA, owns and manages a portfolio of 30,000 units in 10 states throughout the country and is one of the largest private multifamily owners in the Northeast and Mid-Atlantic Region.
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