The Plano office of Berkadia Commercial Mortgage LLC (Berkadia) recently originated a $22.49 million loan through the Fort Worth Housing and Urban Development (HUD) Multifamily Center’s 223(f) program for the Enclave on Golden Triangle community in Fort Worth, Texas. Senior Vice Presidents Steve Mentesana and John Koeijmans worked with borrower Daymark Realty Advisors, Inc. to originate the 35-year, fixed-rate loan on the multifamily property. Other features include an 83.3 percent loan-to-value ratio (LTV) and 35-year amortization.
The proprietary bridge loan was used to cover the existing debt for the Enclave property, a 273-unit complex offering apartment homes with up to four bedrooms. Constructed in 2007, the Class-A property consists of 29 two-story buildings and a two-story business and fitness center. There are a total of 523 parking spaces including 288 attached garage spaces (included in contract rent), 32 reserved carport spaces (for a monthly fee) and 203 surface spaces. The property is currently 96 percent occupied.
"We were able to work closely with the borrower and local HUD office in order to provide a short-term bridge of 100 percent of existing debt,” said Mentesana. “In doing so, the borrower received the amount of time necessary to process the HUD refinance and HUD received a great, Class-A multifamily property.”