BETHESDA, MD - Berkeley Point Capital LLC recently facilitated a $28,179,500 Federal Housing Administration (FHA) insured loan for the new construction of Claibourne Crossing, a proposed 242-unit garden-style, class-A, apartment community located in Louisville, Jefferson County, KY.
Financing was arranged under HUD’s Section 221(d)(4) Mortgage Insurance Program, which provides integrated non-recourse construction and permanent financing. The financing was structured to be a fully amortized loan based on a 2.89%, 40-year, fixed-rate note, following the 20- month, interest only construction period. Davis Bacon Wages will be required.
The sponsor, TDK Construction, has over 50 years of experience designing and developing apartment and assisted living communities throughout the Southeast, Southwest and Midwest. Berkeley Point Capital’s Robert Fidler of its Nashville, TN office and Nemo Hannafin of its Bethesda, MD office - led the Berkeley Point team.
“FHA continues to be a great source of capital for construction financing,” states Steve Wendel, Executive Managing Director at Berkeley Point Capital. “This marks the fifth multifamily, new-construction transaction between Berkeley Point Capital and TDK Construction, utilizing the FHA 221(d)(4) program.”
Claibourne Crossing will be a gated community featuring one-, two-, and three-bedroom units situated in nineteen two- and three-story residential buildings with amenities superior to most competing properties. Unit amenities include vaulted ceilings, electric fireplaces, and a washer/dryer. Units will also feature modern kitchens equipped with a full complement of quality energy saving appliances including stainless steel refrigerators, ovens, ranges, microwaves, dishwashers, and disposal as well as granite countertops. Each unit will also have a patio, balcony or sunroom. Community amenities include a clubhouse, fitness center, computer center, conference room, game room, playground, fully fenced dog park, car wash area, as well as a modernly designed pool featuring large cabanas.
The property will be well located near Lake Forest residential development and golf course, one of the most exclusive residential communities in Jefferson County. The neighborhood overall is at the center of the residential growth axis of eastern Jefferson County which has been the fastest growing of all submarkets in the Louisville metro areas in recent decades. The property is in close proximity to shopping, dining, parks, public services, local highways and interstates.
about berkeley point capital
Berkeley Point Capital LLC is one of the nation’s leading multifamily capital solutions providers. The firm boasts a 30+ year history and a servicing portfolio of over $29 billion representing in excess of 2,100 loans in 45 states and the District of Columbia. This extensive and diverse national platform allows us to provide our clients with superior execution in every market in the country.
Berkeley Point is owned by entities affiliated with Ranieri Real Estate Partners LP and WL Ross & Co. LLC. As a part of its multifamily expertise, the firm offers the full complement of Fannie Mae, Freddie Mac, and FHA products.
Focusing on a three-pronged strategy of exceptional people, unique multifamily capital solutions and superior technology, our team of 200 people located in nine offices across the nation provides our customers a competitive advantage through speed, creativity, ease of interface and certainty of execution.
For more information on Berkeley Point Capital, please visit our website at www.berkpoint.com