Berkadia Secures $70M in Financing for Multifamily Development in Helena, Montana
Denver, Colorado – March 17, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the financing secured for Artisan Grove, a to-be-constructed 288-unit garden-style multifamily property located in Helena, Montana. Managing Director Jennifer Quigley of Berkadia Denver secured $70 million in construction-permanent financing on behalf of the borrower, Salt Lake-based Thrive Development. The deal closed on March 17.
The 221(d)(4) construction loan, financed through HUD, features a 5.55% interest rate as well as a 40-year fully amortizing permanent loan following construction.
“The team made a strategic decision to wait for the most optimal time to secure both construction pricing and a long-term interest rate,” said Quigley. “We’re grateful to be part of this transaction and look forward to seeing Thrive Development deliver this much desired housing community in Helena.”
“Artisan Grove directly addresses Helena’s growing demand for quality and attainable housing. We are proud to contribute high-quality, resident-centered living options to support the city’s vibrant future. The community will feature an array of premium amenities designed to create an exceptional living environment for every resident,” said Stephen Broadbent, Partner with Thrive Development.
Located at 2605 N. Sanders Street, Artisan Grove will feature 78 one-bedroom, 168 two-bedroom, and 42 three-bedroom units floor plans. Common-area amenities include a resident clubhouse with a fitness center, co-working space, conference rooms, a coffee station, and a secured parcel center. Outdoor amenities will feature a sun deck, fire pit, hot tub, pickleball court, BBQ area, off-leash dog park and pet spa, and a bike repair station. The general contractor is MiNT Living, LLC, and MiNT Architecture, LLC, is the architect of record. Lift Residential, LLC, will serve as the management agent.