Berkadia’s record breaking HUD production continues as team heads into the second half of the year with strong momentum
WASHINGTON D.C. – August 2, 2021 – Berkadia’s HUD specialists have completed more than $2.1 billion in financing across 114 closings in the first half of the year. The team closed the final week of the second quarter with 7 transactions totaling more than $225 million in financing alone.
“HUD showed up in a big way to provide liquidity and stability in the market during the pandemic,” said Steve Ervin, Senior Vice President and Head of FHA Finance at Berkadia. “Thankfully, the financing market is returning to normal as the impact of the pandemic wanes in the U.S. However, HUD has not slowed down in its mission, and we’re seeing borrowers continue to look to HUD to provide competitive solutions for their multifamily and healthcare properties.”
Berkadia’s HUD financings have encompassed a diverse range of property types, locations and clients. Notably, refinance activity has accounted for more than 80 percent of Berkadia’s transactions as clients seek to take advantage of low rates. Recent HUD financings secured by Berkadia include: Midtown Station Apartments, Seagirt Senior Housing, Skilled Nursing Facility in Oklahoma and a Student Housing Portfolio in Virginia.
“We expected HUD’s momentum from 2020 to spill over into 2021 and remain impressed by the high level of execution from HUD,” continued Ervin. “We continue to see extremely strong demand with clients eager for the security of HUD loans with all of their positive features.”