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 50th 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.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
