CAPRE’s Commercial Real Estate Headlines for November 6, 2019

Check out the latest deals and developments in commercial real estate for November 6, 2019: Berkadia Completes $121 Million Financing for Queens Multifamily: Berkadia, a commercial real estate banking and sales firm, has secured $121 Million USD Freddie Mac loan for 711 Seagirt Ave., a 917-unit high rise multifamily property in Rockaway, Queens. Meridian Capital Group arranged the transaction. Property financing through Freddie Mac includes a 10-year term with five years for interest-only for the $120.78 million senior loan. Meridian also secured $25 Million in preferred equity through entities affiliated with Pennybacker Capital. The property was in line with Freddie Mac’s affordable housing loan program, with almost 40 percent of the units, or 358 units, marked affordable for very-low-income tenants who earn 50 percent of area median income or less, and almost 70 percent of the units are affordable to low-income residents with incomes at or below 80 percent of the area median income. Griffin Capital Essential Asset REIT Adds Real Estate Industry Veterans to its Executive Management Line-up: Griffin Capital Essential Asset REIT has announced the addition of three highly-regarded industry veterans to its executive management team in support of the company’s strategic expansion. Michael Escalante, Chief Executive Officer, announced the hiring of three new team members. David Congdon, Managing Director for Corporate Strategy, held executive positions for multiple key investment platforms at Hines Interests Limited Partnership; Craig Phillips, Managing Director of Industrial Properties, previously the Vice President for…