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.
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