Berkadia Secures $23M Loan for NC Multifamily Development | Multi-Housing News
MOREHEAD CITY, N.C. – July 19, 2017 – Berkadia today announced $23.4 million in financing for Preserve at Carteret Place, a multifamily development in Morehead City, North Carolina. Senior Managing Director James Tanner and Managing Director Henry Tanner of Berkadia’s Raleigh office arranged the permanent construction financing through HUD’s Green MIP Reduction program. The deal closed on June 29.
The 40-year loan features a 3.45 percent interest rate and an 85 percent loan-to-cost ratio. North Carolina-based Brown Investment Company and East Bluff Investment Properties are co-developing the project. Construction will begin this month, and be completed in November 2018.
“Morehead City has experienced quite a bit of growth in recent years, and the availability of rental housing has not kept pace,” said James Tanner. “Preserve at Carteret Place will be located near the newly renovated Carteret General hospital and other employment centers, as well as several schools, retail centers and restaurants, providing residents with a wonderful community in which to live. We are excited to help bring such quality housing to the area.”
Preserve at Carteret Place will be located at 316 Friendly Road, and the 168-unit project will have a mix of one-, two- and three-bedroom units, some with direct-access garages. Community amenities will include a state-of-the-art clubhouse, as well as resort-style swimming pool, outdoor pavilion and grill area, playground, and dog park. The site’s location will afford easy access to all of Morehead City and the surrounding area, including the nearby waterways and beaches.