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Berkadia Obtains $32M in Loans for TX MF

DALLAS-The mortgage company's local office arranges financing for the 198-unit Fountain Apartments in Katy and the 155-unit Encore Crossings in Corpus Christi.

By Amy Wolff Sorter | Updated on November 04, 2013

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.

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