F inancial D igest

M id A tlantic Real Estate Journal — May 21 - June 17, 2021 — 23A


Berkadia HUD has completed more than 70 transactions since January 1, 2021 Berkadia closes more than $1 Billion in HUD financing in First Quarter of 2021


ASHINGTON DC — Berkadia’s HUD spe c i a l i s t s have

c o m p l e t e d mo r e t han $1.25 billion in financing a c r o s s 7 0 c l os ings in the first three months of the year. On the heels of a re-

Steve Ervin

cord 2020, with more than $3 billion in closed HUD financing, the team expects to remain ac- tive in 2021 as the multifamily market continues to navigate the impacts of the pandemic and the seniors housing and healthcare sector rebounds. “Coming off our strongest year in 2020, we were anticipat- ing a very active first quarter but continue to be impressed and invigorated by HUD’s ac- tivity,” said Steve Ervin , se- nior vice president and head of FHA Finance at Berkadia. “It’s a testament not only to HUD’s competitive rates and diverse

Maple Village Apartments

The Marq Apartments

The Reserve Apartments

programs, but also to its com- mitment to remaining a source of stability in the market.” In the first quarter alone, Berkadia has secured HUD financing for multifamily and healthcare properties in 28 states across the country with a diverse roster of clients.

“With the new MAP Guide becoming effective in March, our role as an advisor to our clients is more important than ever to help them understand HUD’s requirements and their attending opportunities and challenges,” continued Ervin. “From changes that are more

advantageous for affordable transactions to improving the overall HUD process, HUD’s new guidelines have truly en- hanced its offering and we’re proud to collaborate with HUD and our clients to help find the right solutions for success.” Berkadia HUD has com-

pleted more than 70 transac- tions since January 1, 2021. Other recent HUD financings secured by Berkadia include: Maple Village Apartments, The Marq Apartments, The Reserve Apartments and Creekside Apartment Homes I & II. MAREJ

Domenico of Progress Capital arranges $40M acquisition loan for Broadacres Office Park in Bloomfield, NewJersey

BLOOMFIELD, NJ — Brad Domenico of Prog- ress Capital arranged a $40,000,000 acquisition loan

f o r ERCT C a p i t a l G r o u p t o purchase a four bui ld- ing, 397,940 s/f, class A of f ice park l o c a t ed a t 200, 300, 400

Brad Domenico

Broadacres Dr. & 1455 Broad St., Bloomfield, NJ in an off- market transaction. Domenico worked with Jar- ed Zimmel of Natixis Real Estate Capital , who provided a full term, interest only loan on a non-recourse basis. The sponsor was attracted to the location as it sits on the border of Montclair and neigh- boring Essex Falls. Broad- acres Office Park consists

Broadacres Office Park in Bloomfield, NJ

of a diverse mix of tenants including financial services companies, healthcare com- panies, technology companies and many more. Recent significant capital improvements include new

state-of-the-art fitness cen- ter in the exclusive Nautilus Lounge, Coral Café, and Surf Fitness. Progress Capital is a com- mercial mortgage advisory firm with over $40 Billion in

closed loans and $150 Million of directly funded bridge loans. With over 30 years of experi- ence, we continually prove our value to our clients by securing the best capital options avail- able in the market. MAREJ

parking lots, improved way- finding and upgraded energy- efficient LED exterior light - ing. The modern, park-like campus setting offers tenants amenities such as a trendy lounge, full-service café and

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