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Berkadia Originates HUD Loans on Rock Island Apts.
Berkadia has provided $34.27 million in construction-to-permanent substantial rehabilitation financing for the Rock Island Portfolio, two properties in Rock Island, IL. The firm’s Rick Price, Gemma Geldmacher, Mark Vogel and Dan Geuther originated the two HUD 221(d)(4) loans on behalf of Cleveland-based Millennia Companies.
The construction loan features an interest-only construction period, a 40-year term with 40-year amortization and a 90% loan-to-value ratio. The Millennia-Rock Island Portfolio consists of Heather Ridge (pictured) and Century Woods.
“We were pleased to help our client, Millennia, with the acquisition of these two affordable properties,” said Geldmacher. “As a result of this rehab, the units will be substantially renovated, and the residents will have access to services that they have not had in the past. Millennia is in the business of transforming communities, and this closing was the first step for these properties.”
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