Berkadia Surpasses $3B in HUD Production To-Date in 2020
The firm’s HUD-specialized team has completed more than 169 deals this year, and is on track to have its strongest year yet.
NEW YORK – Following a recent transaction, Berkadia’s HUD-specialized team has surpassed $3 billion in total HUD-sponsored production in 2020, to-date.
Berkadia secured the amount in HUD financing upon recently closing on $83.7 million for a garden-style multifamily property, on behalf of California-based, Tomanek Group LLC. Tomanek Group LLC will use the HUD 223(F) loan to refinance its property. The loan features a competitive fixed interest rate and an 80% loan-to-value ratio.
With the recent financing, Berkadia is on track to have its strongest year yet.
The firm’s HUD-specialized team has completed more than 169 deals since January 1, 2020.
“Throughout this COVID-19 pandemic, HUD was able to provide liquidity options when many other lenders simply couldn’t,” says Steve Ervin, SVP and head of HUD at Berkadia. “This role is a familiar one to HUD, especially during times of economic crisis, and during this unusual year, they again embraced their call to action with open arms.”
Ervin adds, “With a dedicated HUD-specialized team, our role is to assist our clients through every step of the financing process and counsel them honestly about their ability to meet HUD’s tightening criteria. During this difficult time, we have found a bright spot in our ability to collaborate with HUD and our clients to find new solutions and get a record-breaking number of deals across the finish line. While not unique to pandemic times, the extent to which we have been able to operate in this solution-oriented mindset has allowed us to expand our role as advisors and operate as real business partners to our clients.”