DENVER – January 27, 2021 – Berkadia today announced the financing secured for The Morgan at EastChase, a garden style multifamily property located in Montgomery, Alabama. Managing Director Jennifer Quigley of Berkadia’s Denver office completed the $19.699 million loan on behalf of the sponsor, Alabama-based Foshee Residential Management Company. The deal closed on January 26.
The 40-year HUD 223(a)7 loan features a 2.34 percent interest rate.
“We are pleased to help our client lock in a historically low rate,” said Quigley. “This project was initially constructed utilizing HUD’s 221(d)4 financing before Green MIP was available so in addition to lowering the note rate from 3.87 percent to 2.34 percent with this 223(a)7 refinance, we were able to obtain an Energy Star Certification and reduce the annual MIP from 0.65 percent to 0.25 percent per annum.”
Located at 2101 Berryhill Road, The Morgan at EastChase features one-, two- and three-bedroom floor plans with granite slab kitchen countertops, gourmet kitchens, in-unit full-sized washers and dryers, marble bathroom counters, large walk-in closets and walk-in showers. Community amenities include a 24-hour fitness center, a resort style swimming pool, a dog park, a car wash area, a playground, a covered seating area and controlled access gates.