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Berkadia Provides $22.6M HUD-Insured Loan for Affordable Senior Living Property in Queens

NEW YORK CITY — Berkadia has provided a $22.6 million HUD-insured loan for Seagirt Seniors Housing, an affordable housing property located in the Far Rockaway neighborhood of Queens.

The 12-story, 120,278-square-foot building was built in 1985 with 151 Section 8 apartment units and one employee unit.

Laura Smith of Berkadia originated the financing, which was structured with a 35-year term and a 71 percent loan-to-value ratio, through HUD’s 223(f) program.

The borrower, New York-based operator JASA, will use a portion of the proceeds to fund capital improvements. Planned upgrades include modernizing kitchens and bathrooms, replacing circuit breaker panels, renovating common areas and elevators and installing a new boiler system.

The post Berkadia Provides $22.6M HUD-Insured Loan for Affordable Senior Living Property in Queens appeared first on Seniors Housing Business.

Source: Senior Housing Business

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