AUSTIN, Texas – October 9, 2020 – Berkadia today announced the financing secured for Altair Tech Ridge, a garden-style multifamily property located in Austin, Texas. Senior Directors Chad Bedwell and Eli Gershenson of Berkadia’s Dallas office originated the loan on behalf of the borrower, Dallas-based Galaxy Tech Ridge LLC. The deal closed on September 23.
“Berkadia was thrilled to be involved with such a magnificent project,” said Bedwell. “The timeline on the transaction allowed the borrower to take advantage of an extremely low interest rate that will be locked for the 35-year amortization period. The Berkadia underwriting team did a wonderful job in completing the application in an expedited manner.”
Developed in 2019, Altair Tech Ridge is located at 12408 Dessau Road and features one-, two- and three-bedroom floor plans with in-unit washers and dryers. Community amenities include a resort style swimming pool, a fitness center, a clubhouse and an outdoor dining space. Residents are afforded convenient access to Interstate 35 and numerous job centers.
“In March 2020, HUD released Mortgagee Letter 2020-03 which revised HUD’s stance on accepting applications for mortgage insurance for multifamily properties less than three years from certificate of occupancy. In anticipation of this notice, Berkadia initiated the underwriting on this property to submit as quickly as possible to work with the borrower’s current financing,” said Bedwell. “The HUD Southwest Regional Office in Fort Worth processed the package in less than 45 days due to the completeness of the package and quality review by the HUD team, and as a result, the property was the first to receive firm commitment and close in the HUD Southwest Region under this new Mortgagee Notice.”