Berkadia announced today the sale and financing of StoneSide Apartments & Town Homes, a 44-unit, garden-style multifamily property, and Broadway Ridge, a 72-unit, garden-style multifamily property, both located in Gladstone, Missouri. Director Brett Meinzer and Senior Director Michael Sullivan of Berkadia’s Kansas City office as well as Senior Managing Director Alex Blagojevich of Berkadia’s Chicago Office led the sale on behalf of the seller, Kansas City-based ApartmentVestors.

Director Anthony Golebiewski of Berkadia’s Boston office secured the acquisition financing through Fannie Mae’s Small Loan program on behalf of the buyer, Boston-based MJP Property Group. The two 12-year loans feature 4.08 percent interest rates, an 80 percent loan-to-value ratio and 30-year amortization schedules following two and three years of interest-only payments for StoneSide and Broadway, respectively. MJP Property Group was able to finance elective capital improvements through the Fannie Mae Small Loan execution, which resulted in a final loan-to-purchase-price ratio of 83 percent. The deals closed on September 30.

“We are thrilled to have been able to assist ApartmentVestors in the disposition of both of these assets, while simultaneously supporting MJP Property Group’s continued growth plan in the Kansas City market,” said Golebiewski. “This transaction demonstrates Berkadia’s commitment to collaboration, which allows our clients to successfully execute their respective business plans.”

"We are excited to be strategically expanding our footprint in the Kansas City market with this acquisition,” said Matt Picheny of MJP Property Group. “Working with Berkadia's Mortgage Banking and Investment Sales teams made for a seamless and expeditious transaction.”

StoneSide Apartments & Town Homes was built in 1965 and features 44 units spread across 5 buildings. Located at 103 NW 72nd Street, the property affords convenient access throughout the Kansas City MSA via Highway 169 and Interstate 29.

Broadway Ridge was built in 1971, renovated in 2014, and features 72 units spread across 6 buildings. Located at 6829 N. Broadway Avenue, the property affords convenient access throughout the Kansas City MSA via Highway 169 and Interstate 29.

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.