Berkeley Point Capital LLC recently closed a more than $28 million Federal Housing Administration-insured loan for the new construction of Claibourne Crossing, a proposed 242-unit garden-style, class-A, apartment community located in Louisville.
Financing was arranged under HUD’s Section 221(d)(4) Mortgage Insurance Program, which provides integrated non-recourse construction and permanent financing. The financing was structured to be a fully amortized loan based on a 2.89 percent, 40-year, fixed-rate note, following the 20-month, interest-only construction period. Davis Bacon Wages will be required.
The sponsor, TDK Construction, brings more than 50 years of experience designing and developing apartment and assisted-living communities throughout the Southeast, Southwest and Midwest. Berkeley Point Capital’s Robert Fidler of its Nashville office and Nemo Hannafin of its Bethesda, Md., office led the Berkeley Point team.
