Berkadia | Housing and Urban Development

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HOUSING AND URBAN DEVELOPMENT Multifamily


For more than a decade, Berkadia’s team of industry trailblazers have guided clients through the intimidating, yet rewarding, world of FHA financing. Nationwide, our experts serve as committed partners, equipped with the tools, knowledge and relationships to help achieve your goals." STEVE ERVIN SVP - Head of FHA Financing Berkadia


STRONG COMMUNITIES, STRONGER PARTNERSHIPS. Build the foundation for a better tomorrow by partnering with Berkadia HUD. As a leader in the HUD sector, we have the vision and versatility to create customized debt financing and equity solutions to fit all project sizes, locations and borrower profiles. Our dedicated HUD professionals, including some of the industry’s top FHA experts, are skilled at navigating the lending process on behalf of our clients, while our success is a result of our ability to deliver exceptional and innovative results. Berkadia works hard to help you build a legacy that lasts long after the deal is closed.

Housing and Urban Development

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IT’S IN OUR DNA. Our mission is inspired by our two shareholders who created Berkadia— Berkshire Hathaway and Jefferies Financial Group. Both firms are renowned for their capital strength, sophisticated investment strategies and exacting attention to their clients’ diverse needs. We're honored to infuse our Berkadia values into everything we do. When you work with us, you’re more than a client, and more than a partner. You’re a member of our family.


Mortgage Banking Your projects, of any size and location, benefit from best‑in‑class financing partners and unparalleled access to capital.

Investment Sales When you equip the right professionals with industry-leading insights and tools, the result is better investment outcomes.

Servicing Get customized solutions and seamless service with our established resources and proven expertise.

Technology Charge your decision‑making with actionable insights backed by our powerful data.

Housing and Urban Development

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HIGHLIGHT TRANSACTIONS

Monument Village at College Park College Park, MD

$54,436,600 UNIT S

PRO GR A M

235

HUD 223(F)

Vue @ CRC Apartments Blacksburg, VA

$38,576,500 UNIT S

PRO GR A M

206

HUD 221(D)4

Riverwood Estates Oak Creek, WI

$25,767,900 UNIT S

PRO GR A M

216

HUD 223(F)

27 Eleven Apartments Austin, TX

$69,598,700 5

BERKADIA Housing and Urban Development

UNIT S

PRO GR A M

321

HUD 221(D)4


HIGHLIGHT TRANSACTIONS

PROPERT Y NAME

L O C AT I O N

PROGR AM

UNITS

The Jane at Moore's Lake - Phase II

Chester, VA

HUD 221(D)4

185

$27,751,400

The Babcock Building

Columbia, SC

HUD 221(D)4

208

$35,998,300

London Townhomes

Atlanta, GA

HUD 221(D)4

200

$21,894,000

Altair Tech Ridge

Austin, TX

HUD 223(F)

230

$31,400,000

Vera in Odessa

Odessa, TX

HUD 221(D)4

288

$36,430,200

Uptown at Plum Creek

Kyle, TX

HUD 221(D)4

300

$44,500,000

Pontiac Townhouses Cooperative

Pontiac, MI

HUD 223(F)

65

$2,502,500

Chestnut Crossing

Howell, MI

HUD 223(F)

84

$13,480,000

Lake Broadway Townhomes

Columbia, MO

HUD 223(a)7 MF

58

$4,178,900

Rincon Green

San Francisco, CA

HUD 223(F)

326

$83,000,000

Jernigan Gardens

Orlando, FL

HUD 221(D)4

256

$43,400,000

Palisades at Paris Mountain Phase I

Greenville, SC

HUD 223(a)7 MF

230

$17,820,500

Meridian at Rogers Branch

Wake Forest, NC

HUD 221(D)4

264

$42,214,300

Corner Square Apartments

Grand Junction, CO

HUD 223(a)7 MF

48

$6,365,700

Icon Apartment Homes at Ferguson Farm - Phase II Bozeman, MT

HUD 221(D)4

120

$26,015,800

Eaglewood Lofts - Phase II

North Salt Lake, UT

HUD 223(a)7 MF

196

$32,560,000

Oak Ridge Apartments

Mobile, AL

HUD 223(F)

124

$3,840,000

Twelve 501 Apartment Homes

Burnsville, MN

HUD 223(a)7 MF

336

$34,960,000

Sumerlyn Apartments

Raleigh, NC

HUD 223(a)7 MF

124

$11,229,100

Pheasant Run

Harleysville, PA

HUD 223(F)

142

$15,760,000

Housing and Urban Development

PRICE

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SUCCESS IS NOT PURELY MEASURED BY NUMBERS.

But, they help tell our story:

$3.5 billion

$35 billion

In 2020, Berkadia financed

In 2020, our combined production

199 HUD transactions

volume of loan origination,

totaling nearly $3.5 billion.

investment sales and JV equity placements exceeded $35 billion.

Largest

$55 billion

Berkadia ranks as the largest

Since 2013, our investment

non‑bank commercial mortgage

sales division has closed

servicer in the nation.

more than 3,400 transactions totaling $55 billion.


CLOSING IS JUST THE END OF THE BEGINNING. We’re in this for the long haul. To us, every deal is the start of a new relationship or the continuation of one built on performance and trust. Our clients are family, and we’re relentlessly focused on your long-term success.

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HIGHLIGHT TRANSACTIONS

New Kent Apartments West Chester, PA

$74,900,000 UNIT S

PRO GR A M

420

HUD 223(F)

Cherry Hill Village Uptown Canton, MI

$37,550,000 UNIT S

PRO GR A M

283

HUD 223(F)

The Arbors at East Village Clayton, NC

$25,760,000 UNIT S

PRO GR A M

192

HUD 223(F)

Elmwood Villas Marysville, OH

$8,416,000 9

BERKADIA Housing and Urban Development

UNIT S

PRO GR A M

110

HUD 223(F)


HIGHLIGHT TRANSACTIONS

PROPERT Y NAME

L O C AT I O N

PROGR AM

UNITS

Hunters Creek Senior Cottages - Grace Manor

Plant City, FL

HUD 223(F)

48

$6,624,000

Coventry Townhomes

Woods Cross, UT

HUD 223(F)

55

$13,528,000

Sundance at Baxter Meadows

Bozeman, MT

HUD 223(F)

195

$30,960,000

Princeton Terrace

Greensboro, NC

HUD 223(F)

144

$9,256,800

Copper Landing

Airway Heights, WA

HUD 223(a)7 MF

216

$13,438,300

Wildhorse at Tuscany

Evans, CO

HUD 221(D)4

171

$33,634,500

Fox Hunt Farms Apartments

Fort Mill, SC

HUD 223(F)

276

$36,240,000

Valley View Gardens

New Brighton, PA

HUD 223(F)

120

$4,880,000

Mill Creek Apartments

San Bernardino, CA

HUD 223(F)

160

$11,385,300

Vicinato Apartments

Madison, WI

HUD 223(F)

74

$12,200,000

Cape Cod Village Apartments

Morton, IL

HUD 223(a)7 MF

200

$16,947,800

Covington Place Apartments

St. Louis, MO

HUD 223(a)7 MF

400

$22,880,000

Highpoint Reflections & Town Square

Romeoville, IL

HUD 223(F)

424

$48,080,000

Trafalgar East

East Greenwich, RI

HUD 223(a)7 MF

165

$8,613,200

Belmar Commons

Hillsboro, OR

HUD 223(F)

64

$9,000,000

Junction Flats Apartments

Seattle, WA

HUD 223(F)

80

$19,576,000

Publix Apartments

Seattle, WA

HUD 223(a)7 MF

125

$26,713,500

Ashbrook Apartments

Virginia Beach, VA

HUD 223(F)

156

$20,000,000

Hunter's Creek Apartments

Denton, TX

HUD 221(D)4

214

$28,454,400

Housing and Urban Development

PRICE

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HOW HUD WORKS

Major HUD Multifamily Programs

Advantages Of HUD Loans

MAP covers the following multifamily loan programs: 220 — new construction or substantial rehabilitation of mixed use projects

Fixed-rate, long term (35 - 40 year) Full leverage (up to 85% LTV, 1.176 DSC) No income or rent restrictions

in urban renewal areas Free to prepay 10 years after amortization 221(d)(4) — new construction or substantial rehabilitation of apartments

Fully non-recourse, no carveouts

223(a)(7) — refinancing of FHA-insured mortgages

Fully assumable

223(f) — refinancing or purchase of

Self-amortizing

existing apartments 231 — new construction or substantial rehabilitation of housing for the elderly 241(a) — Supplemental Loan program for rehabilitation or additions to projects which have an FHA-insured first mortgage

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BERKADIA Housing and Urban Development


General HUD Program Requirements Available to market rate, affordable and rental-

Cash distributions are permitted twice per year

assisted multifamily properties Borrowers, management agents, contractors Commercial space and income limitations

and subcontractors must comply with HUD Fair Housing and Equal Opportunity requirements

Project size must be at least five residential units Assumable with HUD approval (0.05% fee) Single purpose borrowing entity required Negotiable prepayment terms Non-recourse Standard terms are a 10-year prepayment All borrowers must execute a HUD

schedule with first year locked out followed by a

Regulatory Agreement

declining penalty for years 2 – 10

Fixed interest rate

Subject to annual REAC (physical) inspections

Fully amortizing

• Score above 60 is passing • Score above 90 waives inspection for three years

Annual audited financials required

• Score above 80 waives inspection for two years

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Section 223(f) - Refinance or Acquisition Loan Parameters Market Rate Properties

• Maximum 85% loan to value • Maximum 80% loan to value for cash-out transactions • Minimum 1.176x DSCR • Statutory per unit mortgage limitations

Affordable Properties

• Maximum 90% loan to value (depending on level of affordability) • Maximum 80% loan to value for cash-out transactions Minimum 1.11x DSCR (depending on level of affordability) • Statutory per unit mortgage limitations

Maximum Term

35 years

Additional Requirements

• CPA-prepared review of most recent annual operating statement • Initial deposit to replacement reserve • Minimum average occupancy of 85% for six months prior to application

Application Timeline Preliminary Loan Analysis

• Initial loan sizing • Based on information provided by sponsor

Concept Submission and Meeting 30 days

• Limited review of property information and sponsor

Optional

• No required third-party reports

Berkadia Firm

• Third-party due diligence

Application Underwriting

• Collect required forms, certifications,

45-60 days

and documents • CPA review of property operating statement for prior fiscal year • Obtain green certification, if applicable

HUD Firm Application Review

• HUD property inspection

45-60 days

• National/regional loan committee review (depending on loan size) • HUD firm commitment

Closing (Initial/Final Endorsement) • Interest rate lock 45-60 days

• Closing and loan documents review • Provide cash or required letters of credit • Completion of critical repairs

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BERKADIA Housing and Urban Development


Section 221(d)(4) – New Construction or Substantial Rehabilitation Loan Parameters Market Rate Properties

• Maximum 85% loan to HUD-approved cost • Minimum 1.176x DSCR • Statutory per unit mortgage limitations

Affordable Properties

• Maximum 90% loan to cost (depending on level of affordability) • Minimum 1.11x DSCR (depending on level of affordability) • Statutory per unit mortgage limitations

Maximum Term

40 years + construction period

Additional Requirements

• Davis-Bacon prevailing wage requirement • Cost certification required • Cash or letter of credit for HUD-required escrows

Application Timeline Preliminary Loan Analysis

• Initial loan sizing • Based on information provided by sponsor

Concept Submission and Meeting

• Limited review of property information and sponsor

30 days

• Market study recommended

Berkadia Pre-Application

• Third-party due diligence

Underwriting

• Property inspections

45-60 days

• Collect required forms, certifications, and documents

HUD Pre-Application Review

• HUD property inspection

45-60 days

• National/regional loan committee review (depending on loan size) • HUD invitation letter

Berkadia Firm Application

• Third-party due diligence

Underwriting

• Collect required forms, certifications, and documents

45-60 days

• Permit-ready plans and specifications

Option for direct to firm

• Final construction costs

HUD Firm Application Review

• National/regional loan committee review (depending on loan size)

45-60 days

• HUD firm commitment

Closing (Initial Endorsement)

• Interest rate lock

45-60 days

• Closing and loan documents review • Provide cash or required letters of credit

Construction Period

Up to 36 months

Closing (Final Endorsement)

Cost certification review and approval

45-60 days Housing and Urban Development

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Section 223(a)(7) – Refinance of Existing HUD-Insured Mortgage Loan Parameters

Market Rate Properties

• 100% loan to cost • Maximum loan amount limited to the original loan amount of the existing HUD-insured mortgage

Maximum Term

35 or 40 years (depending on the original loan term)

Additional Requirements

• Reduced application fee • Cash out not permitted • Allowance for limited property repairs

Application Timeline

Preliminary Loan Analysis

• Initial loan sizing • Based on information provided by sponsor

Berkadia Firm

• Third-party due diligence (CNA, if required)

Application Underwriting

• Collect required forms, certifications,

30-45 days

and documents • Obtain green certification, if applicable

HUD Firm Application Review

HUD firm commitment

30 days

Closing (Initial/Final Endorsement) • Interest rate lock 45-60 days

• Closing and loan documents review • Provide cash or required letters of credit • Completion of critical repairs

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BERKADIA Housing and Urban Development


Application Costs, Fees, and Deposits Third-Party Report Deposit:

Rate Lock Deposit:

Upon engagement with Berkadia, a deposit is collected for

0.50% of the insured loan amount is collected after receipt

due-diligence reports including appraisals, market studies,

of the firm commitment and prior to rate lock, but is then

Phase I ESAs, property capital needs assessments and

credited to the sponsor at closing.

energy benchmarking.

Mortgage Insurance Premiums (MIPs):

HUD Application Fee:

Depending on project classification (e.g. market rate,

0.30% of the insured loan amount is due when a firm

affordable housing, green/energy efficient) 0.25 - 1.00% of

commitment application is submitted to HUD, but fees are

the insured loan amount is collected at closing.

reduced for certain loan types. In the case of a construction loan with two-stage processing, 50% of this amount is due

Replacement Reserve:

with the pre-application submission and the remaining 50%

Typically only for acquisition/refinance program (223(f), an

is due with the firm commitment application.

initial deposit to the replacement reserve is required for the ongoing maintenance of the project.

HUD Inspection Fee: Amount varies based on program and repair amounts.

Mortgage Insurance Premium (MIP) Borrowers are required to pay a Mortgage Insurance Premium (MIP) to HUD. MIP payments consist of an upfront payment made at closing and an ongoing annual payment that is arranged through the servicing mortgage. MIP rates are subject to the type/classification of a property and lower MIP rates are given to properties that qualify as affordable or green/energy efficient. The ongoing annual MIP is based on the outstanding principal balance of the insured loan and due to amortization, gradually decreases over the life of the loan. PROGR AM

HOUSING T YPE

INITIAL MIP

A NNUA L MIP

Section 223(f)

Market Rate

1.00%

0.60%

Section 223(f)

Green/Efficient

0.25%

0.25%

Section 223(f)

Affordable

0.35%

0.35%

Section 223(f)

Broadly Affordable

0.25%

0.25%

Section 221(d)(4)

Market Rate

0.65%

0.65%

Section 221(d)(4)

Affordable

0.35%

0.35%

Section 221(d)(4)

Green/Efficient

0.25%

0.25%

Section 221(d)(4)

Broadly Affordable

0.25%

0.25%

Section 221

Age-Restricted

0.70%

0.70%

Section 241(a)

Market Rate

0.95%

0.95%

Section 241(a)

Green/Efficient

0.25%

0.25%

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Frequently Asked Questions My property was completed less than three years ago, is

What are the net worth and liquidity requirements of

it eligible for a refinance with a HUD-insured mortgage?

the key principals?

Yes, it is eligible for a refinance with a HUD-insured

For insured loans less than $75 million, HUD does not

mortgage, per the 2020 MAP Guide, effective March 18,

have any specific financial requirements for a sponsor’s

2021.

key principals and the recommendation is based on the

What are my options for supplemental loan proceeds during the term of the loan?

judgement of the lender and its underwriting team. For loans, greater than $75 million, a sponsor’s key principals must have, in aggregate, a net worth equal to at least 20%

FHA/HUD-insured programs do not offer supplemental

of the loan amount and liquidity equal to at least 7.5% of

loan programs like those offered by GSEs. However, there

the loan amount. This requirement may only be waived on

are a few options available to borrowers with HUD-insured

affordable housing transactions.

loans: (1) a borrower with an existing HUD-insured loan may access HUD’s abbreviated refinance program, Section 223(a)(7). The main purpose of this program is to lower

My group has never had a HUD loan before. Is specific HUD experience required to be approved as a Sponsor

the interest rate on the existing loan and/or completed

for a HUD-insured application?

desired repairs to the property. (2) A borrower may pursue

HUD experience is not a requirement to be approved as a

a note modification in an advantageous interest rate

property owner, contractor or manager requesting a HUD

environment and lower the interest rate on the HUD-

insured loan. HUD does, however, require the property team

insured first mortgage if all other terms are kept the same.

to have experience in developing, owning or managing similar

(3) A borrower may obtain a supplemental loan (pursuant

properties to the subject.

to Section 241a) to fund major capital improvements or additions to an existing property.

Due to the length of the application and closing process for the Section 221(d)(4) program, what type of

What types of secondary financing (i.e. mezzanine debt) are allowed under the program?

construction activities are permitted prior to closing? Generally, HUD does not permit an early start to the

Secondary financing is permitted under HUD’s programs

construction process and no work may take place on a site

but it is highly restrictive. Any subordinate debt must comply

once the application process has begun. After receipt of a firm

with certain requirements, most notably, the term of the

commitment, approval for an early start may be granted by

note must at least be equal to the term of the HUD loan (35

HUD under certain conditions. Some work, such as clearing,

or 40 years) and repayment is restricted to surplus cash (cash

grading, minor demolition, environmental remediation or

flow) only. HUD will allow a preferred equity arrangement

other minor preliminary work may be permissible.

if there are no prescribed cash flow payments and any changes to key principals cannot occur without HUD

What are the major differences between underwriting a

approval.

HUD loan compared to an agency loan? Generally speaking, the HUD underwriting process involves a higher degree of paperwork to complete the application. There are numerous HUD forms and certifications which are required for the borrower/sponsor, key principals, management agents, general contractors, etc. The overall scope of due diligence is similar to a GSE loan application. HUD’s guidelines and underwriting practices are more focused on risks associated with, environmental and fair housing/accessibility issues.

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BERKADIA Housing and Urban Development


The maximum leverage allowed on the Section 221(d)(4)

What is BSPRA?

construction program sounds great, what am I missing?

BSPRA stands for Builders/Sponsors Profit Risk Allowance.

The Section 221(d)(4) program is considered a cost-based

It is an option under the Section 221(d)(4) program which

program with a maximum loan to cost of 85-90%. HUD

requires: (1) an established identity of interest between

underwriting guidelines only allow for a finite list of costs

the borrower and general contractor and (2) the general

and exclude some costs that conventional developers may

contractor’s profit to be satisfied outside of loan proceeds.

be used to including in their development budgets. The

In exchange for this structure, the recognized costs in a

most common costs include: developers fee, contingency,

development (not including land) are artificially increased

lease-up reserve, marketing expenses, demolition and off-

by 10%. The 85% loan to cost calculation is then made on

site improvements, but some of these items are considered

the higher cost figure. This results in a higher insured loan

in the HUD-required reserves which can be posted in

amount (roughly 93% of recognized cost) provided minimum

either cash or letter of credit. While the program outlines

debt service coverage and statutory mortgage limits support

a maximum loan to cost of 85%, it also allows for BSPRA,

the underwriting. BSPRA is not available on Section 241(a)

which can result in cash out when there is land equity.

and requires a cost-plus construction contract.

What are the main requirements of ownership and

What are the limitations on commercial space within a

management during the life of the loan?

mixed-use development?

An owner must provide annual audited financial

Commercial space limitations vary, depending on the

statements to HUD for review within 90 days of the

mortgage insurance program. Under Section 221(d)(4),

property’s fiscal year-end. This audit should contain a

the maximum allowable commercial space is 25% of total

calculation of surplus cash (cash flow), which is the basis of

rentable project area and the maximum underwritten

cash distribution to ownership. Distributions can only be

commercial income is 15% of project income. Also, as part

made upon audit review and approval twice per fiscal year.

of the Section 221(d)(4) program, commercial occupancy

An owner must also comply with annual REAC (physical)

is limited to 80%, regardless of the market occupancy. In

property inspections. REAC scores are on a scale of 0 –

the determination of total development cost, HUD will

100, with below 60 considered to be failing. High scoring

recognize the cost of completing white box commercial

properties can obtain waivers of future inspections for a

space only. Any tenant specific improvements are a

period of one or two years depending on the score.

cash requirement of the sponsor. Under Section 223(f), commercial space is limited to 25% of total net rentable

A replacement reserve account is required to be

space, and the maximum underwritten commercial

maintained during the life of the loan. The replacement

income is 20% of project income. Section 223(f) permits a

reserve account is structured according to a replacement

maximum 90% occupancy factor on commercial income.

schedule of the property’s capital items and withdrawals are typically made consistent with this model. HUD loan documents also require a PCNA Report every ten (10) years to measure the adequacy of the property’s replacement reserve account. If a property has qualified as Green/Energy Efficient and received a reduced MIP, HUD will require annual energy testing and compliance with a minimum Energy Star score of 75.

Housing and Urban Development

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BERKADIA HUD

Atlanta

Boston

Kathleen Cohen

Eben Williams

Gemma Geldmacher

Director

Director

Senior Director

404.654.2583

404.654.2606

617.531.8911

kathleen.cohen@berkadia.com

eben.williams@berkadia.com

gemma.geldmacher@berkadia.com

Chicago

Dallas

Paul Matusiak

Tim Nunan

Chad Bedwell

Managing Director

Senior Managing Director

Senior Director

312.845.1888

972.801.3066

214.360.3874

paul.matusiak@berkadia.com

tim.nunan@berkadia.com

chad.bedwell@berkadia.com

Dallas

DC Metro

Ben Burkett

Steve Ervin

Nick Nicholson

Associate Director

SVP – Head of FHA Financing

Managing Director

972.801.3061

301.202.3575

301.202.3554

ben.burkett@berkadia.com

steve.ervin@berkadia.com

nick.nicholson@berkadia.com

Richard Price

Laura Smith

Hassan Dixon

Managing Director

Managing Director

Associate Director

301.202.3578

301.202.3465

301.202.3574

richard.price@berkadia.com

laura.smith@berkadia.com

hassan.dixon@berkadia.com

DC Metro

Denver

Detroit

Monica Newman

Jennifer Quigley

Colin Callaghan

Managing Director

Managing Director

Senior Managing Director

303.689.8334

303.689.8326

248.208.3470

monica.newman@berkadia.com

jennifer.quigley@berkadia.com

colin.callaghan@berkadia.com

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BERKADIA Housing and Urban Development


Detroit

Jupiter

Lisa Burkeen

Carolyn Whatley

Angela Folkers

VP - Originations

Managing Director

Associate Director

248.208.3461

561.758.3171

561.998.8027

lisa.burkeen@berkadia.com

carolyn.whatley@berkadia.com

angela.folkers@berkadia.com

Mark Dellonte

James Boris

Joseph Thomae

Senior Managing Director

Managing Director

Director

414.662.2459

414.662.2462

414.662.2464

mark.dellonte@berkadia.com

james.boris@berkadia.com

joseph.thomae@berkadia.com

New Orleans

New York

Orlando

Bobby St. John

Dan Koch

Nicole Hood

Senior Director

Associate Director

Director

504.322.1195

646.432.7452

321.319.1425

bobby.stjohn@berkadia.com

daniel.koch@berkadia.com

nicole.hood@berkadia.com

Philadelphia

Portland

Joe DeGiorgi

Rob Affleck

Jeff Hall

Senior Director

Senior Director

Director

215.328.1302

360.356.0215

503.223.0879

joe.degiorgi@berkadia.com

rob.affleck@berkadia.com

jeff.hall@berkadia.com

Portland

Raleigh

Brad Biddle

James Tanner III

Henry Tanner

Associate Director

Senior Managing Director

Managing Director

503.223.0849

919.436.2790

919.781.6815

brad.biddle@berkadia.com

james.tanner@berkadia.com

henry.tanner@berkadia.com

Milwaukee

Housing and Urban Development

BERKADIA

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BERKADIA HUD

Richmond

David Blake

Steve Murden

Craig Alloway

Senior Managing Director

Managing Director

Director

804.343.2358

540.342.6520

804.780.9237

david.blake@berkadia.com

steve.murden@berkadia.com

craig.alloway@berkadia.com

Richmond

Seattle

St. Louis

Amy Gay

Louis Weisman

Kevin Kozminske

Director

Managing Director

Senior Managing Director

804.343.2357

206.521.7219

314.984.5514

amy.gay@berkadia.com

louis.weisman@berkadia.com

kevin.kozminske@berkadia.com

Pat Garlich

Cortney Mauldin

Co-Bin Stuhlman

Director

Director

Director

314.984.5536

314.322.3463

314.984.5524

pat.garlich@berkadia.com

cortney.mauldin@berkadia.com

co-bin.stuhlman@berkadia.com

St. Louis

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BERKADIA Housing and Urban Development


BERKADIA HUD LOCATION MAP

OFFICES

Berkadia Office Berkadia HUD Production Office

Housing and Urban Development

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BERKADIA .COM / 800.446 . 2226 a Berkshire Hathaway and Jefferies Financial Group company © 2021 Berkadia Proprietary Holding LLC. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. #01931050. For state licensing details for the above entities, visit www.berkadia.com/legal/licensing / 0621.