CHICAGO – October 15, 2019 – Berkadia today announced $23.2 million in permanent financing secured for The Tuscany on Pleasant View, a multifamily property in Madison, Wisconsin. Senior Director Paul Matusiak of Berkadia’s Chicago office secured the financing on behalf of The Gallina Companies, a local sponsor. The transaction closed on September 26.
The 35-year FHA/HUD 223(f) permanent loan features an attractive interest rate, a reduced Mortgage Insurance Premium (MIP) and an 80 percent loan-to-value ratio. The property also qualified for HUD’s Green/Energy Efficient MIP.
“One goal of this financing was to effectively coordinate the timing of the transaction to comply with HUD’s current 3-year rule,” said Matusiak. “Due to the strong cooperation of all parties throughout the process, we were able to achieve this goal and obtain excellent loan terms for the client.”
Located at 310 Samuel Drive, The Tuscany on Pleasant View is a high-quality, Class A multifamily property. Completed in 2016, the property offers a variety of floor plans and impressive amenities, including a fitness center, a media room, a swimming pool and underground parking.
Berkadia Provides $23 Million of Financing for Madison Apartment Development | RE Journals