CHICAGO—Berkadia Commercial Mortgage LLC's local office has just closed a $15.8 million loan through the US Department of Housing and Urban Development's 223(f) program for an affordable apartment community in southwest suburban Romeoville. The company's team, which consisted of Vice President Paul Matusiak and Senior Vice Presidents Len Deering and Tom Sigrist, originated the 35-year, fixed-rate loan for the borrower, Marquette Companies.
The borrower will use the loan to refinance an existing mortgage on a 113,000-square-foot affordable housing complex called Serenity HighPoint Apartments, which sits within the HighPoint Apartments community and is currently 98% occupied. The community features a 27,000-square-foot community center, operated by the Institute for Community. The IFC coordinates after-school day care, learning programs, summer day camps and numerous other activities designed to meet the residents' needs.
"The recent government shutdown required greater coordination by the Berkadia team to ensure that the transaction closed within a specific time frame,” said Matusiak. “Our long-standing relationship with the local HUD staff allowed us to deliver a product that the borrower was very pleased with, including a lower mortgage insurance premium.”
“We've built a strong relationship with Marquette over the years, enabling us to understand their needs and address them efficiently,” added Deering.
Berkadia frequently arranges financing through HUD programs.
In February 2012, Berkadia also helped Marquette refinance a different section of the HighPoint community. That $36.8 million loan, also arranged through HUD, was for a 389,900-square-foot market-rate complex developed by Marquette. Marquette owns and operates about 11,000 apartments throughout the US, primarily in joint ventures with institutional partners.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
