LOUIS and KANSAS CITY, Mo. – February 25, 2021 – Berkadia announced today the financing secured for Lakeview Crossing Townhomes, a garden-style multifamily property in Blue Springs, Missouri. The project finished construction in March 2019. Senior Managing Director Kevin Kozminske of Berkadia’s St. Louis office and Managing Director John Schorgl of Berkadia’s Kansas City office secured the $19.9 million in permanent refinancing on behalf of the borrower, Missouri-based Worcester Investments. The deal closed on February 24.
The HUD insured 223(f) loan is a 35-year fixed rate loan with a sub 2.65 percent all-in rate. The borrower was able to secure a Green MIP designation. This is one of the first recently completed new construction projects to close using the HUD 223(f) program. HUD’s programmatic changes in March 2020 made this transaction possible.
“This refinance was an excellent execution for this asset,” said Kozminske. “We are honored to work with an outstanding owner on one of the first new construction projects refinanced with HUD.”
Located at 900 SE Tequesta Lane, Lakeview Crossing Townhomes features one-, two-, three- and four-bedroom floor plans with walk-in closets, in-unit washers and dryers and central air conditioning. Community amenities include a fitness center, a clubhouse, a resident lounge and a swimming pool. Residents are afforded convenient access to Interstate 70 and the shops and restaurants along Missouri Route 7.