Berkadia Secures $44 Million in Construction Financing For a To-Be Constructed Property in Texas
DALLAS – July 6, 2022 – Berkadia announced today the construction financing secured for Waco Creekview Apartments, a proposed 300-unit multifamily housing property located in Waco, Texas. Senior Managing Director Tim Nunan of Berkadia Dallas Mortgage Banking secured $44 million in construction-permanent financing on behalf of the borrowers, Texas-based StoneCreek Real Estate Partners, LLC and Cross Development, LLC. The deal closed on June 22.
The 40-year construction loan was financed through HUD’s Section 221(d)(4) New Construction Program utilizing a Straight to Firm Application and the Green MIP Reduction Program.
“We were able to effectively utilize HUD’s straight to firm option, creating a much faster process for this project,” said Nunan. “Waco Creekview will be a prominent piece of the larger 143-acre master planned Cottonwood Creek Market development located at the intersection of New Road and I-35 just north of W Loop 340/Highway 6. Cottonwood features several well-known retailers such as Topgolf which opened in 2021, as well as a Cinemark and a Main Event.”
Waco Creekview Apartments will feature modern, luxury amenities including a resort-style pool, a dog park, an outdoor kitchen and a business center.