Berkadia Secures $23M Loan for NC Multifamily Development

Senior Managing Director James Tanner and Managing Director Henry Tanner arranged the financing through a HUD program. The loan will be used for Preserve at Carteret Place, a community in Morehead City, N.C.
Location of the future Preserve at Carteret Place in Morehead City, N.C.

Location of the future Preserve at Carteret Place in Morehead City, N.C.

Berkadia arranged a $23.4 million loan for Preserve at Carteret Place, a 168-unit multifamily development in Morehead City, N.C. Senior Managing Director James Tanner and Managing Director Henry Tanner of Berkadia’s Raleigh office arranged the permanent construction financing through HUD’s Green MIP Reduction program. The 40-year loan features a 3.45 percent interest rate and an 85 percent loan-to-cost ratio. Brown Investment Co. and East Bluff Investment Properties are co-developing the project. 

Located at 316 Friendly Road, the site’s location will enable access to all of Morehead City’s surrounding areas, including the nearby waterways and beaches. Preserve at Carteret Place will be located near the newly renovated Carteret General Hospital, other employment centers, as well as several schools, retail centers and restaurants. 

Amenity-rich project

Preserve at Carteret Place will feature a mix of one-, two- and three-bedroom units, some with direct-access garages. Community amenities will include a clubhouse, a swimming pool, an outdoor pavilion and grill area, as well as a playground and dog park.

“Morehead City has experienced quite a bit of growth in recent years and the availability of rental housing has not kept pace,” said James Tanner, in a prepared statement.

Construction will begin this month and will be completed next year in November.

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