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ST. LOUIS – May 3, 2019 – Berkadia today announced the financing of Latitude at Hammock Bay Apartments, a garden-style multifamily property to be built in Freeport, Florida. Senior Managing Director Kevin Kozminske originated the $31.68 million HUD 221(d)4 loan, and the transaction closed on April 30.
The 40-year fixed rate construction-to-permanent loan features an 85 percent loan-to-cost ratio.
“We are very excited to get Latitude at Hammock Bay Apartments closed,” said Kozminske. “It was an excellent 221(d)4 transaction for HUD that will help to relieve the housing shortage in the Walton County market.”
“I want to thank the team at Berkadia for their professional handling of this complex financing,” said Jay Odom, Hammock Bay Developer. “This project will be leading the way for multifamily living’s next generation of communities. The Latitude at Hammock Bay Apartments project integrates into the fabulous Hammock Bay lifestyle and will provide a total immersive living experience for the residences.
The 232-unit proposed property will be developed on a 13.94-acre site at 74 Great Bend Way in the Town Center of the Hammock Bay Master Planned Community. Latitude at Hammock Bay Apartments will consist of one-, two- and three-bedroom units within ten buildings and a separate clubhouse. Planned on-site amenities include a fitness center, a business center, a media center/movie theater, a swimming pool, a fire pit with outdoor seating, an outdoor barbeque and picnic area, a children’s playground, secured access, storage units for rent, a dog park and access to an adjacent 60-acre sports and recreation park.