Berkadia provided $ 39.1 million in combined HUD funding for Covington Place Apartments and Cape Cod Village Apartments, garden-style multi-family properties at market rates in Missouri and Illinois.
General Manager Paul Matusiak of Berkadia’s Chicago office arranged the HUD Section 223 (a) 7 multi-family loans on behalf of the sponsor, Missouri-based Stewart Properties. In addition to reducing the properties’ annual debt service, Berkadia also assessed their eligibility for the HUD Green / Energy Mortgage Insurance Premium.
Covington Place Apartments, 1247 Covington Manor Lane in St. Louis, is a 400 unit complex operating at 99 percent occupancy. It has community amenities including a fitness center, swimming pool and playground. In addition to the area’s leading retailers, residents enjoy the luxury of downtown St. Louis as the apartments are located just 12 miles south of the city. The refinancing was closed on December 16, 2020.
Cape Cod Village Apartments is located at 2010 W. Jackson St. in Morton, Illinois, and is a 200 unit property operating at 95 percent occupancy. Community amenities include a swimming pool and several hiking trails. Residents have convenient access to the Peoria Zoo, the Peoria Riverfront Museum, and the Luthy Memorial Botanical Gardens. The refinancing was closed on December 29, 2020.