DENVER – March 18, 2022 – Berkadia announced today the construction financing secured for 2131 Graf, a to-be constructed garden-style multifamily property located in Bozeman, Montana. Managing Director Jennifer Quigley of Berkadia Denver secured $50.979 million in permanent construction financing on behalf of the borrower, Montana-based BlackRidge Companies. The deal closed on March 18.
The 221(d)(4) 40-year construction loan, financed through HUD’s Green Program, features a 3.03 percent interest rate.
“I am honored to have the opportunity to provide the construction and permanent financing for this project, and especially to work with BlackRidge Companies once again,” said Quigley. “We’ve seen a significant increase in number of households over the last ten years and in turn, a strong increase in rental housing demand in Bozeman. It is nice to team up with BlackRidge to be part of the solution to provide more units in Gallatin County.”
“We are excited to commence the development of 2131 Graf,” said Will Ralph, Vice President of Development with BlackRidge Companies. “Bozeman is in significant need of rental housing and 2131 Graf will provide an additional high quality housing option for the residents of Bozeman.”
Located at the intersection of Graf Street and South 19th Avenue in Bozeman, 2131 Graf will include 195 residential units, including 72 one-bedroom units, 97 two-bedroom units and 26 three-bedroom units. Once complete, the project will feature a clubhouse with a community room, a fitness center, a spa, barbeque grilling stations, a firepit, lawn games and an on-site management office. Construction on the entire project is set to be completed by September 2023.
Berkadia Writes $50.98Mln HUD Loan for Construction of Bozeman, Mont., Apartments | CRE Direct