Berkadia announced today the financing of 1 Lofts, a 112-unit, loft-style multifamily property in Pawtucket, Rhode Island. Senior Managing Director Kevin Kozminske and Managing Director Yuri Kletsman of Berkadia St. Louis and Berkadia New York, respectively, secured $16,736,000 in HUD 223(f) financingon behalf oftheRhode Island-based client. The deal closed May 13.
The loan has a 35-year term featuring a fixed interest rate.
“This was an excellent use of HUD’s 223(f) program for a recently completed project,” said Kozminske. “The demand for HUD insured financing remains extremely robust.”
The property was originally built in 1920 and was later converted into loft-style apartments. The project was completed in 2018.
Located at 30 Beacher Street, 1 Lofts features 112 units, with a mix of one-bedroom lofts, two-bedroom units, one-bedroom townhome units and two-bedroom townhome units. The property offers an on-site laundry facility, storage units, game room, dog park, tennis and basketball courts and a picnic area. 1 Lofts is conveniently located just outside downtown Providence.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
