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Berkadia Lines Up $100M Construction Loan

YONKERS, NY-The financing for a pediatric nursing center here is reportedly the largest HUD 232-insured loan ever closed.

By Paul Bubny | Updated on May 18, 2010

YONKERS, NY-In what is reportedly the largest transaction to date through the US Department of Housing and Urban Development’s Section 232 program, Berkadia Commercial Mortgage has arranged a $100-million construction loan for a specialized pediatric care facility here. Similarly, the lender says the financing represents the largest commitment in its 29-year history.

Berkadia lined up the fixed-rate financing for construction of the $125-million Elizabeth Seton Pediatric Center on a 6.5-acre site at South Westchester Executive Park in Yonkers. The interest rate on the loan is 5.22%, and the 30-year term and 30-year amortization will commence when construction is completed, says Berkadia. Payments on the loan will be interest-only during the construction period.

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