Finance v Wisconsin

Berkadia provides $23 million of financing for Madison apartment development

Berkadia provides $23 million of financing for Madison apartment developmen,ph01

Berkadia provided $23.2 million in permanent financing for The Tuscany on Pleasant View, a multifamily property in Madison, Wisconsin. Senior director Paul Matusiak of Berkadia’s Chicago office secured the financing on behalf of The Gallina Companies, a local sponsor. The transaction closed on Sept. 26.

The 35-year FHA/HUD 223(f) permanent loan features an attractive interest rate, a reduced Mortgage Insurance Premium (MIP) and an 80 percent loan-to-value ratio. The property also qualified for HUD’s Green/Energy Efficient MIP.

Located at 310 Samuel Drive, The Tuscany on Pleasant View is a Class-A multifamily property. Completed in 2016, the property offers a variety of floor plans and amenities, including a fitness center, media room, swimming pool and underground parking.