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Berkadia Secures $44M for Scranton Affordable Housing
Berkadia arranged the financing of Skyview Park, a 188-unit, mid-rise style multifamily property in Scranton, Pennsylvania.
Senior Vice President – Head of Acquisitions Chris McGraw of Berkadia Affordable Tax Credit Solutions LLC secured $18.8 million in Low-Income Housing Tax Credit (LIHTC) equity investment, and Senior Managing Director Tim Leonhard of Berkadia Affordable Housing secured the $25.7 million Fannie Mae loan on behalf of the sponsor, Lincoln Avenue Communities.
Financing for the project will include an equity bridge loan, a permanent loan through Fannie Mae, and proceeds from 4% LIHTCs. Skyview Park will consist of 188 affordable units across a mixture of garden and townhome-style buildings. The unit mix consists of 50 one-bedroom units, 91 two-bedroom units, and 47 three-bedroom units. The community will serve residents earning between 20% and 60% of the Area Median Income (AMI).
