DALLAS – December 5, 2018 – Berkadia today announced the permanent construction financing of $50.45 million for Tavolo Park Crossing, a 387-unit garden-style multifamily property in Fort Worth, Texas. Senior Managing Directors Stephen Mentesana and Tim Nunan and Senior Director Chad Bedwell of Berkadia’s Dallas office secured the financing through the Department of Housing and Urban Development (HUD) 221(d)(4) as part of their Mortgage Insurance Premium (MIP) Reduction program, on behalf of Texas-based Pate Ranch Crossing LP. The deal closed on November 13.
“This was an opportunity for an experienced development team to provide much needed high-quality residential housing in the southern Fort Worth market,” said Bedwell. “The multifamily property will be included within a mixed-use master plan that includes various retail, office and residential options in a true work-live community. Berkadia was excited to partner with this development team on what will be a tremendous asset.”
Located at the southwest corner of Altamesa Boulevard and Bryant Irvin Road, the development will afford convenient access to numerous schools, Texas Health Harris Methodist Hospital and the shops and restaurants. The property will offer spacious units with modern finishes and world-class amenities, such as a fitness center, picnic areas and community parks.