BETHESDA, MD - Berkeley Point Capital LLC recently facilitated a $44,794,800 Federal Housing Administration (FHA) insured loan for the new construction of Compson Place at Renaissance Commons, a proposed 338-unit mid-rise, class-A, apartment community located in Boynton Beach, Palm Beach County, FL.
Financing was arranged under HUD’s Section 220 Mortgage Insurance Program, which provides integrated non-recourse construction and permanent financing for rental housing in urban renewal areas. The financing was structured to be a fully amortized loan based on a 3.18%, 40-year, fixed-rate note, following the 20-month, interest only construction period. Davis Bacon Wages will be required.
The sponsor, Compson Associates, Inc., has over 70 years of experience designing and developing residential, industrial, office, and retail complexes throughout the Eastern seaboard. Berkeley Point Capital’s Robert Cantizano of its Bethesda, MD office led the Berkeley Point team.
“FHA continues to be a key source of capital for construction financing,” states Steve Wendel, Executive Managing Director at Berkeley Point Capital. “Berkeley Point Capital takes pride in our ability to provide high-quality service to our clients for new construction loans on both multifamily and seniors housing. We are pleased to partner with Compson Associates on another one of their high quality projects, and to leverage our experience in working with HUD to execute this loan arrangement.”
Compson Place is positioned in the heart of a larger 86-acre, mixed-use development known as Renaissance Commons, also developed by the Compson Associates Inc. Located within one mile of I-95, the completed development provides a multitude of restaurants and shopping, as well as employment opportunities.
The subject property will be the newest apartment community in the Boynton Beach area with one and two bedroom units featuring superior amenities to include high-end appliances, granite countertops in the kitchen, marble countertops in the bathrooms, 24-hour security patrol in the building and convenient garage-parking. Community amenities include two in-ground swimming pools, bath house, as well as a clubhouse equipped with WI-FI lounge, coffee bar, exercise room and business center.
“This new project will offer a tremendous value for its residents, with its architectural beauty, sleek interior style and convenient location,” says Anthony Comparato, Chairman and Principal of the Compson Organization. “With completion slated for the 2nd Quarter of 2014, Compson Place Apartments will be a great addition to this mixed-use community.”
about berkeley point capital
Berkeley Point Capital LLC is one of the nation’s leading providers of multifamily capital solutions. The firm boasts a 25+ 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 part of its multifamily expertise, the firm offers the full complement of Fannie Mae, Freddie Mac, FHA, and Life Company products as well as a proprietary bridge program.
Focusing on a three-pronged strategy of exceptional people, unique multifamily capital solutions and superior technology, our team of nearly 200 people located in ten 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.