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$23M HUD Loan Assists in Multifamily Build

PORTLAND, OR- The loan will assist in the construction of a $30-million multifamily property here due for completion in early 2014.

By Carrie Rossenfeld | Updated on April 16, 2012

PORTLAND, OR-Berkadia Commercial Mortgage LLC’s local office has closed a $23.02-million loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) program for the construction of a multifamily property here. The loan was originated by Berkadia’s VP Rob Affleck at a 40-year fixed rate.

The loan featured an 83.3% loan-to-cost ratio and 40-year amortization. This funding allowed developer Prescott Apartments LLC to start construction on the apartments, located at North Interstate Ave. and Prescott St. in North Portland. The developer broke ground on the project with construction-management company Sierra Construction Co. on April 4. Because the property will be located in a transit-oriented district as defined by the City of Portland, the project was also provided with a $400,000 grant for development.

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