Loren Berger And Chris Deluca Of Argentic Provide $43 Million Bridge Loan For Albany Multifamily

The asset involved in this transaction is a 155-unit multifamily property that is age-restricted to residents 55 years and older, located in Albany. This transaction was processed as a bridge loan with a loan amount of $43,000,000, featuring specific terms including a 2+1+1+1 structure, an interest rate set at S+320 basis points, and a loan-to-value ratio of 75% based on the property’s as-is condition. It is classified as non-recourse and incorporates an interest-only phase alongside a 0.5% exit fee.

Summary of transaction details:

• Property Type: Multifamily (55+ Age Restricted)
• Transaction Amount: $43,000,000
• Units: 155
• Lender: Loren Berger & Chris Deluca - Argentic
• Broker: Adrian Edery - Paradigm Commercial Real Estate
• Loan Type: Bridge
• Loan Terms: 2+1+1+1, S+320bps, 75% LTV (As-is), Non-Recourse, IO, 0.5% Exit Fee

The deal involved key individuals such as Loren Berger and Chris Deluca representing Argentic as lenders, while Adrian Edery acted as the broker representing the interests in this transaction. The loan recapitalization served to replace the existing construction loan, allowing additional time to stabilize the asset for future permanent financing.