Financing to the tune of $46.16 million was recently secured for Creekside Apartment Homes I & II, a garden-style multifamily property in Broken Arrow, OK. Located at 2401 West Omaha St., Creekside Apartment Homes I & II is a 380-unit property featuring one-, two- and three-bedroom floorplans.
Jennifer Quigley of Berkadia’s Denver office secured the financing on behalf of the borrower, Montana-based BlackRidge Companies. The HUD 223(f) loan was financed through HUD’s Green MIP reduction program. The final locked note rate was 2.35 percent and allows the loan to be pre-payable at-par after the fifth year.
“We are pleased to help our client lock in a historically low rate and take advantage of Green MIP. This project’s first phase was initially constructed utilizing HUD’s 221(d)4 financing before Green MIP was available, so in addition to lowering the note rate, consolidating two phases and two 221(d)4 loans into one 223(f) loan, we were able to obtain an Energy Star Certification and reduce the annual MIP as well,” said Quigley.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
ConnectCRE.com
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Content Marketing
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.
