Berkadia provided $39.1 million in combined HUD-insured financing for Covington Place Apartments and Cape Cod Village Apartments, market-rate, garden-style multifamily properties in Missouri and Illinois.
Managing Director Paul Matusiak of Berkadia’s Chicago office arranged the HUD Section 223(a)7 multifamily loans on behalf of the sponsor, Missouri-based Stewart Properties. In addition to lowering the properties’ annual debt service, Berkadia also evaluated their eligibility under HUD’s Green/Energy Efficient Mortgage Insurance Premium.
Covington Place Apartments, 1247 Covington Manor Lane in St. Louis, is a 400-unit complex operating at 99 percent occupancy. It has community amenities including a fitness center, swimming pool and playground. In addition to the major retailers within the area, residents enjoy the luxuries of downtown St. Louis as the apartments are just 12 miles south of the city. The refinance closed on Dec. 16, 2020.
Cape Cod Village Apartments is located at 2010 W. Jackson St. in Morton, Illinois, and is a 200-unit property operating at 95 percent occupancy. Community amenities include a swimming pool and several walking trails. Residents are afforded convenient access to Peoria Zoo, Peoria Riverfront Museum and the Luthy Memorial Botanical Gardens. The refinance closed on Dec. 29, 2020.