DENVER – December 18, 2020 – Berkadia today announced the construction financing secured for the second phase of Icon Apartment Homes at Ferguson Farm, a garden-style multifamily property in Bozeman, Montana. Managing Director Jennifer Quigley of Berkadia’s Denver office secured the $26.015 million in permanent construction financing on behalf of the borrower, Montana-based BlackRidge Companies. The deal closed on December 17.
The 221(D)4 40-year construction loan, financed through HUD’s Green Program, features a 2.76 percent interest rate.
“I am honored to have the opportunity to provide the construction and permanent financing for this project, and especially to work with BlackRidge Companies once again. Since meeting in 2009, I’ve had the pleasure of working with the principals of BlackRidge Companies on financing more than 1,335 units utilizing Section 221(d)(4) mortgage insurance,” said Quigley.
“We are excited to commence the development of the second phase of the Icon Apartment Homes at Ferguson Farm here in Bozeman. This project will be an extension of the first phase of this development and will provide much needed, high-quality multifamily housing in the Bozeman market. We continue to appreciate the excellent relationship we have with Berkadia, which helps makes these project possible,” said Will Ralph, Director of Development with Blackridge Companies.
Located at 4555 Fallon St., the second phase of Icon Apartment Homes at Ferguson Farm will include 120 residential units. Once complete, the two-phased project—both financed via HUD’s 221(d)(4) program—will feature a clubhouse with an elevator, a fitness center, a game room with billiards tables, a golf simulator, a resort style pool and cabana, an outdoor fireplace, a library and an on-site management office. The community will include 124 one-bedroom, 160 two-bedroom and 52 three-bedroom units. Construction on the entire project is set to be completed by April 2022.