Skip to content
Homepage
  • Market
    • Illinois
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • Events
  • Sector
    • CRE
    • Education
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Real Estate Awards
  • Subscribe
  • Publications
MidwestCRE

Berkadia secures nearly $16 million in financing for suburban apartment complex

Staff Writer April 5, 2017
Share on Facebook Share on Twitter Share on LinkedIn Share via email

The Chicago office of Berkadia Commercial Mortgage LLC recently closed a $15.8 million loan through the U.S. Department of Housing and Urban Development’s 223(f) program for an apartment complex located in Romeoville.

The Berkadia team – consisting of Vice President Paul Matusiak and Senior Vice Presidents Len Deering and Tom Sigrist – originated the 35-year, fixed-rate loan for borrower Marquette Companies.

The loan was used to refinance an existing mortgage on Serenity HighPoint Apartments, situated within the HighPoint Apartments community. The 113,000-square-foot affordable housing complex is currently 98 percent occupied. Among the community’s many features is a 27,000-square-foot community center, operated by the Institute for Community. The IFC coordinates a series of programming, including after-school day care, learning enrichment, summer day camps and numerous other activities designed to meet the residents’ needs.

“The recent government shutdown required greater coordination by the Berkadia team to ensure that the transaction closed within a specific time frame,” Matusiak said. “Our long-standing relationship with the local HUD staff allowed us to deliver a product that the borrower was very pleased with, including a lower mortgage insurance premium.”

“We’ve built a strong relationship with Marquette over the years, enabling us to understand their needs and address them efficiently,” Deering said.

In February 2012, Berkadia worked with Marquette Companies to refinance a different property in the HighPoint Apartments community. The $36.8 million loan, also arranged through HUD, was used for a 389,900-square-foot market-rate apartment complex developed by the Marquette Companies. Marquette owns and operates approximately 11,000 apartment units throughout the United States, primarily in joint ventures with institutional partners. Marquette has had a relationship with the principals of Berkadia for more than 20 years.

Tags
U.S. Department of Housing and Urban Development
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
IllinoisRetail

Greenstone Partners brokers CVS Pharmacy in Darien

June 6, 2023
IndianaIndustrial

The Opus Group begins construction of spec industrial building in Northwest Indiana

June 6, 2023
IllinoisIndustrial

Demand, sustainability and automation: A Q&A with Prologis

Mia GoulartJune 6, 2023
OhioCRE

Marcus & Millichap names SVP of investments in Columbus

June 6, 2023

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Education
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Contact Us
  • Events
  • Office Locations
  • Advertise
© 2023 REjournals.com