CHICAGO – The Chicago office of Berkadia Commercial Mortgage LLC (Berkadia) recently closed a $15.8 million loan through the U.S. Department of Housing and Urban Development’s (HUD) 223(f) program for an apartment complex located in Romeoville, Ill. The Berkadia team – consisting of Vice President Paul Matusiak and Senior Vice Presidents Len Deering CCIM and Tom Sigrist – originated the 35-year, fixed-rate loan for borrower Marquette Companies.
The loan was used to refinance an existing mortgage on Serenity HighPoint Apartments, situated within the HighPoint Apartments community. Located in the southwest suburbs of Chicago, the 113,000 square foot affordable housing complex is currently 98 percent occupied. Among the community’s many features is a 27,000 square foot community center, operated by the Institute for Community (IFC). The IFC coordinates a series of programming, including after-school day care, learning enrichment, summer day camps and numerous other activities designed to meet the residents’ needs.
"The recent government shutdown required greater coordination by the Berkadia team to ensure that the transaction closed within a specific time frame,” said Matusiak. “Our long-standing relationship with the local HUD staff allowed us to deliver a product that the borrower was very pleased with, including a lower mortgage insurance premium.”
“We’ve built a strong relationship with Marquette over the years, enabling us to understand their needs and address them efficiently,” added Deering.
In February 2012, Berkadia worked with Marquette Companies to refinance a different property in the HighPoint Apartments community. The $36.8 million loan, also arranged through HUD, was used for a 389,900 square foot market-rate apartment complex developed by the Marquette Companies. Marquette owns and operates approximately 11,000 apartment units throughout the United States, primarily in joint ventures with institutional partners. Marquette has had a relationship with the principals of Berkadia for more than 20 years.
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