BETHESDA, MA – Berkeley Point Capital recently closed a $47.2 million FHA 221d4 New Construction loan for Tower Bay Lofts, a 308-unit multifamily apartment building located in Lewisvile, Denton County, TX.
Tom White led the Berkeley Point team who was successful in arranging the loan in the new construction program, which provides non-recourse, fixed rate construction to permanent financing. The rate is fixed for both the construction and permanent phases with I/O during the construction period and a 40 year, fully amortizing permanent term. Berkeley Point achieved a "Residential" Wage decision for the multifamily building despite having an exterior facade in excess of four stories. The fifth story space represents fourth floor loft bedrooms, and therefore, does not count as a fifth floor for purposes of Davis Bacon. Finally, Berkeley Point was able to rate lock the loan in a timely manner at 3.78%, saving the Borrower several basis points in rate.
Tower Bay Lofts is a Class A, market rate, multifamily apartment building with one five story building "wrapping" a five story parking structure, with two additional below ground parking levels. The property will have a rooftop deck, pool, and offer residents excellent views of Lake Lewisville. The site is located next to the Lake Lewisville marina, and a short walk to the A-Train Lewisville Station which connects to downtown Dallas. Residents will also have easy excess to I35E.
“Going with Tom White and the Berkeley Point Capital team was the right decision,” said Al Crozier, President of Wittington Holdings. “Berkeley Point’s combination of resources, experience and ‘get it done attitude’ was the perfect fit. With their HUD experience and knowledge, they successfully guided the loan through the HUD process and delivered an excellent rate. Their flexibility and ability to adapt was very important to me and my team.”
For more information, please visit www.berkpoint.com