PALM BEACH, FL—Berkeley Point Capital recently provided a $44.795 million construction loan for a multifamily project in Boynton Beach, FL. Berkeley worked with the Federal Housing Administration (FHA) to execute the insured loan for Compson Associates.
Compson plans to build a 338-unit mid-rise, class A multifamily community with the financing, which was arranged under HUD's Section 220 Mortgage Insurance Program. That program provides integrated non-recourse construction and permanent financing for rental housing in urban renewal areas.
“FHA continues to be a key source of capital for construction financing,” Steve Wendel, executive managing director at Berkeley Point, tells GlobeSt.com. Berkeley Point's Robert Cantizano of its Bethesda, MD office led the team.
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