Home AEC Berkadia Secures Nearly $19MM in Construction Financing for Multifamily Property in Richland,...

Berkadia Secures Nearly $19MM in Construction Financing for Multifamily Property in Richland, Wash.

SEATTLE and ST. LOUIS (March 14, 2019) – Berkadia today announced the financing of Park Place Apartments, a 106-unit multifamily complex to be built in Richland, Washington. Managing Director Jeff Stuart and Senior Managing Director Kevin Kozminske originated the $18.6 million construction-to-permanent loan, on behalf of The Crown Group, through HUD’s insured program. The deal closed on March 7.

The HUD 221(d)4 construction-to-permanent loan features 85 percent loan-to-cost, a fixed interest rate and a 40-year fully amortizing term. The loan is interest-only during the construction period.

“This is an innovative project in an irreplaceable Tri-Cities location,” said Stuart. “Adjacent to the Howard Amon Park, it provides easy access to the Columbia River.”

“I believe there is pent-up demand for a top-of-the-line urban apartment complex in the Tri Cities, added Mark Lambert, President of The Crown Group. “Park Place will fill this void.”

The 106-unit urban-style apartment complex will be constructed at 650 George Washington Way. The development will include 6,700 square-feet of retail space and afford convenient access to Howard Amon Park, the Richmond Community Center, the Columbia River and a variety of shops and restaurants. Community amenities will include elevator service, a fitness center, a business center, a spa, a swimming pool, a picnic area, a courtyard, two lounge spaces, a fire pit, underground parking, underground storage and river and mountain views. Park Place will earn the National Green Building Standard Silver Designation.