WASHINGTON D.C. – December 14, 2020 – Berkadia’s HUD-specialized team has surpassed $3 billion in total HUD-sponsored production in 2020 thus far, following the closing of an $83.7 million for a garden-style multifamily property on behalf of California-based Tomanek Group, LLC. With this deal being the latest of many recent closings, the team is on track to have their strongest year yet.
“Throughout this COVID-19 pandemic, HUD was able to provide liquidity options when many other lenders simply couldn’t,” said Steve Ervin, Senior Vice President and Head of FHA Financing at Berkadia. “This role is a familiar one to HUD, especially during times of economic crisis, and during this unusual year, they again embraced their call to action with open arms.”
Ervin added, “With a dedicated HUD-specialized team, our role is to assist our clients through every step of the financing process and counsel them honestly about their ability to meet HUD’s tightening criteria. During this difficult time, we have found a bright spot in our ability to collaborate with HUD and our clients to find new solutions and get a record-breaking number of deals across the finish line. While not unique to pandemic times, the extent to which we have been able to operate in this solution-oriented mindset has allowed us to expand our role as advisors and operate as real business partners to our clients.”
Tomanek Group, LLC will use the HUD 223(F) loan to refinance the property. The loan features a competitive fixed interest rate and an 80 percent loan-to-value ratio.
Berkadia’s HUD-specialized team has completed more than 169 deals since January 1, 2020. Other recent HUD financings secured by Berkadia include: Greyhawk Townhomes, Moore’s Lake Apartments, Stonebridge Apartments and Ashbrook Apartments, Hunter’s Mill Apartments, Monument Village at College Park and London Townhomes.
“During times like these, we at Berkadia feel particularly proud to be able to support HUD’s mission,” noted Ervin. “As we all work to find normalcy in our lives again, we are encouraged by the resilience we have seen amongst our colleagues and clients this year and look forward to continued strength in 2021.”