Berkadia Secures Over $20 Million in Financing for Multifamily Property in Iowa
WASHINGTON, D.C. – January 20, 2023 – Berkadia announced today the financing of District 42 Apartments, a 215-unit midrise multifamily property located in Sioux City, Iowa. Managing Director Nick Nicholson of Berkadia HUD/FHA arranged $20.016 million in permanent refinancing on behalf of the borrower, South Dakota-based Talon Development. The deal closed on December 8.
The 35-year loan was financed through FHA/HUD’s Section 223(f) program.
“This was a beautiful property by a terrific developer who HUD enthusiastically supported,” said Nicholson. “Berkadia was able to convince HUD to increase the loan amount at the eleventh hour to take advantage of increasing rents at the property. Like every HUD loan, this loan can easily be modified when interest rates decrease to take advantage of the next interest rate cycle.”
Located at 5800 Sunnybrook Plaza, District 42 Apartments features studio, one-, two- and three-bedroom floorplans with in-unit washers and dryers. Community amenities include a fitness center, a swimming pool, a community room, a dog park and reservable guest suites. Residents are afforded convenient access to nearby Whispering Creek Golf Club, Western Iowa Tech Community College and shops and restaurants along US Highway 75.