DENVER – February 18, 2021 – Berkadia today announced the financing secured for Creekside Apartment Homes I & II, a garden-style multifamily property in Broken Arrow, Oklahoma. Managing Director Jennifer Quigley of Berkadia’s Denver office secured the $46.16 million in financing on behalf of the borrower, Montana-based BlackRidge Companies. The deal closed on February 17.
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 prepayable 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.
Located at 2401 West Omaha St., Creekside Apartment Homes I & II is a 380-unit property featuring one-, two- and three-bedroom floor plans. Community amenities include a fitness center with a childcare area, a swimming pool, a sundeck with grilling stations, a dog park and dog wash station and a business center. Residents are afforded convenient access to Broken Arrow Expressway.