“Casa Farnese opened when the Baby Boomer generation was just entering college, and we were able to provide housing to their grandparents and their parents,” says PRD's chairman James McGrath. “Now, 50 years later, with the financial help of Berkadia, we've renovated Casa Farnese for the next wave of seniors—our retiring Boomer population. This project will allow our legacy of service and excellence to continue over the next 50 years for future generations to come.”

More than 300 of the industry's leading national investors, REITs, banks, private equity firms, asset management firms and other institutions will join us as we explore the market conditions behind the trends at this year's RealShare National Investment & Finance, scheduled for Oct. 5 and 6 at the Roosevelt Hotel in New York City. Learn more.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

PHILADELPHIA—Berkadia is financing Casa Farnese, 1300 Lombard St, Philadelphia, Philadelphia's first affordable housing community for seniors. The loan allowed for a fresh renovation in advance of the property's upcoming 50^th anniversary.

Senior managing director Kevin Kozminske, who was named Berkadia's office leader for St. Louis in May, worked closely with managing director Brian Campbell of the Philadelphia office to arrange two loans through Berkadia's partnership with HUD: a $7.04-million loan under section 207/223(f) and a $4.11-million loan under section 241(a) to finance improvements to the community. The non-recourse loans, which provided 90% loan-to-cost financing and held 35-year amortization schedules, were closed in September 2013.

As a result of this structure, management firm PRD's nonprofit board administration was able to complete a $9.7-million rehabilitation effort while meeting the first mortgage's payment terms. Gilbane Building Company, the project's general contractor, finalized renovations to the 288-unit, 18-story building, which included a large glass lobby, in March of this year.

“Our team is committed to identifying and securing competitive terms for the properties and projects that fuel our clients' passions,” says Kozminske. “We're thrilled to be involved with such an important revitalization project and wish Casa Farnese another 50-plus years of success.”

“Casa Farnese opened when the Baby Boomer generation was just entering college, and we were able to provide housing to their grandparents and their parents,” says PRD's chairman James McGrath. “Now, 50 years later, with the financial help of Berkadia, we've renovated Casa Farnese for the next wave of seniors—our retiring Boomer population. This project will allow our legacy of service and excellence to continue over the next 50 years for future generations to come.”

More than 300 of the industry's leading national investors, REITs, banks, private equity firms, asset management firms and other institutions will join us as we explore the market conditions behind the trends at this year's RealShare National Investment & Finance, scheduled for Oct. 5 and 6 at the Roosevelt Hotel in New York City. Learn more.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.