MIDDLE RIVER, MD. — Walker & Dunlop has arranged a $72.6 million construction loan for The Berkleigh, a Class A apartment community in Middle River, roughly 10 miles east of Baltimore. Dee McClure of Walker & Dunlop structured the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction program, which includes both construction and permanent financing. The financing included a two-year construction loan followed by a 40-year, fully amortizing, permanent fixed-rate loan with a debt service coverage ratio of 1.176x. The Berkleigh is part of the Baltimore @ 95, a master-planned, mixed-use development that will contain office, flex and retail space, as well as hotels, single-family homes, townhouses and apartment communities.
The Berkleigh is part of the Baltimore @ 95, a mixed-use development that will contain office, flex and retail space, as well as hotels, houses and apartment communities.
Walker & Dunlop Secures $72.6M HUD Construction Loan for Multifamily Asset in Metro Baltimore
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