The Chicago office of Berkadia Commercial Mortgage LLC recently closed a $23.08 million loan through the U.S. Department of Housing and Urban Development’s 223(f) program for an apartment community in Highland, Ind.
The Berkadia team – consisting of Senior Vice President Len Deering CCIM, Vice President Paul Matusiak and Senior Vice President Tom Sigrist – worked with sponsor Hampton Associates L.P. to close the loan on June 20. The 35-year, fixed-rate loan has an 80 percent loan-to-value ratio and amortizes on a 35-year schedule.
The loan was used to refinance an existing mortgage on Hampton-In-Highland Apartments, a 499,656-square-foot complex that sits on 27.2 acres of land. Located in the northwest corner of Indiana, these one- and two-bedroom apartment homes feature private patios and balconies, as well as central heating and air conditioning. Features for the entire community include a clubhouse, tennis courts, a 24-hour health club, and a resort-style swimming pool. The property is currently 96 percent occupied.
“HUD has worked with the sponsor in the past, and their familiarity and positive experience with one another helped us close the loan,” Deering said. “As such, we were able to secure favorable loan terms, including an extremely attractive interest rate.”
