Berkadia’s Dallas office secured a $47M construction loan through the U.S. Department of Housing and Urban Development to finance the build-out of the Stacy Pointe apartments in Allen.
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Berkadia Senior Director Chad Bedwell originated the loan through HUD, closing the deal after securing a loan with an 85% loan-to-cost ratio.
Stacy Pointe Apartments will be located at 1845 Chelsea Blvd., near North Central Expressway, within the Stacy Green development area.
The four-story apartment project is expected to offer residents one- and two-bedroom units, coworking spaces and access to Allen’s community parks and trails.
Berkadia secured a 221(d)(4) loan for the project — a HUD offering generally used to finance construction and rehabilitation of market rate, low-to-moderate income, subsidized and cooperative and affordable housing properties.
With Berkadia's negotiation and the current interest rate environment, the borrower maximized its loan proceeds, Berkadia said.
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