Berkeley Point Capital Provides $10.4M Refi for Affordable Asset
- Jun 21, 2013
Lancaster, Pa.—Berkeley Point Capital has provided a $10.4 million FHA insured loan for the refinance of a 264-unit garden-style, Class C community in Lancaster, Pa. The property is 100 percent affordable and subject to rent and income restrictions at 60 percent of the area median income in the LIHTC program and has a projected based Section 8 contract for 130 of the 264 units.
“FHA continues to be a key source of capital for multifamily acquisition and refinancing. With interest rates at historical lows and recent enhancements to HUD underwriting, the 223(f) program provides some of the most competitive loans in the nation right now,” says Steve Wendel, executive managing director at Berkeley Point Capital. “We are pleased to once again work with this sponsor to provide financing. By leveraging our experience with HUD, we were able to create a well-structured loan that provided a cash-out and a low P&I payment, while preserving the property’s affordable housing objectives.”
Financing was structured to be a fully amortized loan based on a 3.09 percent, 35-year, fixed-rate note. Proceeds were used to pay-off an existing FHA 221(d)(4) loan that was financed with Berkeley Point’s predecessor firm in 2009. Originally constructed in 1972, the property now benefits from major kitchen and bathroom upgrades, new flooring, windows and doors as well as many new property amenities.
Walker & Dunlop lands $60.7M for five student housing assets
Bethesda, Md.—Walker & Dunlop Inc. has recently provided $60.7 million in financing for five off-campus student housing properties located nationwide.
- Senior vice president Brendan Coleman led a team working with Fannie Mae to structure financing for Eagle’s landing, a 284-bed Class A asset serving Tennessee Technical University in Cookeville, Tenn. The Kenney Companies was the borrower.
- The Lexington, a 122-unit asset located near University of California Davis received a Fannie Mae refinance via a Walker & Dunlop team led by senior vice president Jeff Burns.
- Senior vice president Will Baker led teams that structured $24.6 million in Freddie Mac financing for University Apartments and University Oaks Apartments for borrower Capstone Development. University Apartments is a 154-unit property that serves University of North Carolina Chapel Hill. University Oaks Apartments serves Kent State University in Ohio.
- Vice president Al Beaumariage led a team that provided financing for Aspenwood Apartments, a 86-unit property located two miles from University of Texas Austin.