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Texas  + Finance  | 

Berkadia Achieves First Under HUD Mortgage Notice

Berkadia secured financing for Altair Tech Ridge, a garden-style multifamily property located in Austin. Senior directors Chad Bedwell and Eli Gershenson of Berkadia’s Dallas office originated the loan on behalf of the borrower, Dallas-based Galaxy Tech Ridge LLC. 
 
Developed in 2019, Altair Tech Ridge is located at 12408 Dessau Rd. Residents are afforded convenient access to Interstate 35 and numerous job centers.
 
“In March 2020, HUD released Mortgagee Letter 2020-03, which revised HUD’s stance on accepting applications for mortgage insurance for multifamily properties less than three years from certificate of occupancy,” said Bedwell. “In anticipation of this notice, Berkadia initiated the underwriting on this property to submit as quickly as possible to work with the borrower’s current financing.

As a result, he continued, “the property was the first to receive firm commitment and close in the HUD Southwest Region under this new Mortgagee Notice.”

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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