DEAL OF THE DAY: Berkadia Originates $8.01M Construction Loan Via Credit Union
Arlington, Texas–Berkadia Commercial Mortgage originated a loan via a local credit union for the construction of a student housing community in Arlington.
Arlington, Texas–The Austin, Texas office of Berkadia Commercial Mortgage originated a loan via a local credit union for the construction of a student housing community in Arlington.
Vice President Matt Greer originated $8,028,624 in financing for the construction of Maverick Village, a 72-unit, 232-bed student housing property on 3.45 acres at the University of Texas – Arlington.
The 70-percent LTV floating-rate construction loan provided by a local credit union features a two-year term followed by a three-year mini-perm. The borrower is Campus Village Davis LP, an affiliate of Hammond Jones Development.
“The lender’s recognition of the demand for student housing at this rapidly growing university combined with the sponsor’s significant experience in student housing development made this difficult assignment come to fruition,” says Greer.