Berkeley Point Arranges $28.179M Construction Loan for TDK
- Oct 30, 2012
Bethesda, Md.—Berkeley Point Capital LLC recently facilitated a $28,179,500 Federal Housing Administration (FHA) insured loan for the new construction of Claibourne Crossing, a proposed 242-unit garden-style, class-A, apartment community located in Louisville, Jefferson County, Ky.
Financing was arranged under HUD’s Section 221(d)(4) Mortgage Insurance Program, which provides integrated non-recourse construction and permanent financing. The financing was structured to be a fully amortized loan based on a 2.89 percent, 40-year, fixed-rate note, following the 20-month, interest only construction period. Davis Bacon Wages will be required.
The sponsor, TDK Construction, has over 50 years of experience designing and developing apartment and assisted living communities throughout the Southeast, Southwest and Midwest. Berkeley Point Capital’s Robert Fidler of its Nashville, Tenn. office and Nemo Hannafin of its Bethesda, Md., office led the Berkeley Point team.
“FHA continues to be a great source of capital for construction financing,” states Steve Wendel, executive managing director at Berkeley Point Capital. “This marks the fifth multifamily, new-construction transaction between Berkeley Point Capital and TDK Construction, utilizing the FHA 221(d)(4) program.”
Claibourne Crossing will be a gated community featuring one-, two- and three-bedroom units situated in 19 two- and three-story residential buildings with amenities superior to most competing properties. Unit amenities include vaulted ceilings, electric fireplaces, and a washer/dryer. Units will also feature modern kitchens equipped with a full complement of quality energy saving appliances including stainless steel refrigerators, ovens, ranges, microwaves, dishwashers, and disposal as well as granite countertops. Each unit will also have a patio, balcony or sunroom. Community amenities include a clubhouse, fitness center, computer center, conference room, game room, playground, fully fenced dog park and car wash area, as well as a modernly designed pool featuring large cabanas.
The property will be well located near Lake Forest residential development and golf course, one of the most exclusive residential communities in Jefferson County. The neighborhood overall is at the center of the residential growth axis of eastern Jefferson County which has been the fastest growing of all submarkets in the Louisville metro areas in recent decades. The property is in close proximity to shopping, dining, parks, public services, local highways and interstates.
Alliant Capital closes on $2.38M acquisition loan
Beaverton, Ore.—Alliant Capital LLC, a leading national debt financier for the multifamily industry, announced the closing of a $2,380,000 acquisition loan on Oak Village Apartments, a 41-unit garden style multifamily property, located in Beaverton, Ore. This transaction was originated by Dan Ross, Alliant’s senior vice president for the Pacific Northwest Region.
The loan was closed on Oct. 16, 2012 and structured with a 10-year fixed rate term and a 30-year amortization.