Berkadia secured the financing for Lakeview Crossing Townhomes, a garden-style multifamily property in Blue Springs, Missouri. The project finished construction in March of 2019.
Senior managing director Kevin Kozminske of Berkadia’s St. Louis office and managing director John Schorgl of Berkadia’s Kansas City office secured the $19.9 million in permanent refinancing on behalf of the borrower, Missouri-based Worcester Investments. The deal closed Feb, 24.
The HUD-insured 223(f) loan is a 35-year fixed-rate loan with a sub 2.65 percent all-in rate. The borrower was able to secure a Green MIP designation. This is one of the first recently completed new construction projects to close using the HUD 223(f) program. HUD’s programmatic changes in March 2020 made this transaction possible.
Located at 900 SE Tequesta Lane, Lakeview Crossing Townhomes features one-, two-, three- and four-bedroom floor plans with walk-in closets, in-unit washers and dryers and central air conditioning. Community amenities include a fitness center, a clubhouse, a resident lounge and a swimming pool.
