DALLAS-Berkadia Commercial Mortgage LLC's local office has closed a total of $32.1 million in construction financing for two multifamily properties in Katy and Corpus Christi, TX. The company's senior vice presidents Steve Mentesana and Tim Nunan secured both loans through the U.S. Department of Housing and Urban Development (HUD) 221(d)(4) new construction program.
In Katy, Mentesana and Nunan worked with borrower JLC Gaston LLC to originate a $19.2 million construction loan for the 198-unit Grand Fountain Apartments. The fixed-rate loan includes a fully amortizing 40-year loan term. The property offers one-, two- and three-bedroom layouts, some with attached garages. Additional amenities include a theater, fitness center and playground.
In Corpus Christi, Berkadia represented Encore MF Corpus II LP in obtaining a fixed-rate, fully amortized 40-year loan for the second phase of Encore Crossings on Nodding Pines Drive. Phase two will offer 155 one- and two-bedroom units. The first phase of the property is 96% occupied.
“The staggering growth of both Katy and Corpus Christi is bringing jobs to the region and with it, an increasing pool of potential tenants and a strong appetite for development,” Nunan says. “Borrowers are eager to capitalize on this market activity, and Berkadia's expertise in the Texas market and strong FHA/HUD capabilities allow us to secure favorable loan terms for our clients.”
“We have previously worked with the borrowers of both transactions,” Mentesana adds. “Continuing and building upon these already strong relationships enabled the loan closing process to run smoothly.”
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