City of Marina Resolution 2025-148 Multifamily Housing Revenue Bonds
Berkadia Commercial Mortgage to Lend $33.5M for Refinancing
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Description
Berkadia Commercial Mortgage LLC was approved to provide up to $33.5 million in financing for the Preston Park Apartments refinancing, as part of the City's multifamily housing bond transaction.
Contract Details
Contract Amount
Not to exceed $33,500,000
Vendor
BERKADIA COMMERCIAL MORTGAGE LLC
Agency
City of Marina, CA
Contract Type
FINANCIAL_SERVICES
Document Date
December 16, 2025
Contract Term
Expected to close on or after January 1, 2026; Bond Maturity Date March 1, 2036
Renewal Date
2036-03-01
Renewal Info
Mortgage bond term through March 1, 2036; subject to amortization, prepayments, and refinancing provisions under bond documents.
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