The Chicago office of Berkadia Commercial Mortgage LLC (Berkadia) recently closed a $36.8 million loan through the U.S. Department of Housing and Urban Development’s (HUD) 223(f) program for a multifamily apartment community in Romeoville, Ill.
The Berkadia team – consisting of Senior Vice President Len Deering CCIM, Vice President Paul Matusiak and Senior Vice President Tom Sigrist – worked with the sponsor Trevor Ryan, director of asset management for the Marquette Companies, to close the loan in late February. The 35-year, fixed-rate loan has an 80 percent loan-to-value ratio (LTV) and amortizes on a 35-year schedule.
The loan was used to refinance an existing mortgage on HighPoint Community Apartments, a 389,900 square foot complex offering one- and two-bedroom apartment homes. Located in the southwest suburbs of Chicago, Highpoint boasts a 27,000 square foot community center that provides residents with access to games, swimming, boating, and other services. Its prime location conveniently sits just minutes from Interstate 55 and nearby downtown Naperville. The property is currently 94 percent occupied.
"Berkadia's experience and strong relationship with the local HUD office positively contributed to the overall process,” said Ryan. “They helped to secure very favorable loan terms, including an attractive interest rate."