Berkadia Arranges HUD Loan for Midwest Portfolio
Millennia Cos. will use the $34.3 million financing for substantial renovations to a pair of apartment communities in an Illinois city on the Iowa border.
Millennia Cos. has received $34.3 million in construction-to-permanent substantial rehabilitation financing for Millennia-Rock Island, a two-property portfolio in Rock Island, Ill., one of the Illinois-Iowa Quad Cities. Berkadia originated the financing for the two communities—Heather Ridge, located at 9500 14th St. W., and Century Woods, located at 1400 5th St.
The construction loan features an interest-only construction period, a 40-year term with 40-year amortization and a 90 percent loan-to-value ratio. One hundred percent of the units at the two properties are covered by project-based HAP contracts
The same kinds of renovations are planned at each of the apartment communities, which feature two-, three and four-bedroom floor plans. Improvements will include new windows, new heating and cooling systems, new flooring and new kitchen cabinets, countertops and appliances. Amenities planned for the apartment communities include a community park, computer lab and community room.
The two HUD 221(d)(4) loans closed simultaneously on April 24. Berkadia’s Rick Price, Gemma Geldmacher, Mark Vogel and Dan Geuther originated the financing on behalf of Millennia Cos.
The financing on behalf of Millennia Companies was just one of a number of instances in which Berkadia secured financing for clients within the past several weeks. The firm recently originated a $79.5 million loan for Advenir’s Turnbury at Palm Beach Gardens, a 540-unit multifamily community in Palm Beach Gardens, Fla.