Ballard Spahr Advises Berkadia Commercial Mortgage on Affordable Housing Tax-Exempt Construction Loan for Rosemont at Baytown
Ballard Spahr represented Berkadia Commercial Mortgage LLC in the structuring and closing of a $29.3 million tax-exempt forward construction loan for Rosemont at Baytown, a 250-unit property in Baytown, Texas.
Rosemont at Baytown is undergoing a series of improvements that will include an updated clubhouse, renovations to individual apartments, and new site amenities. A renewal of its affordable housing status is planned. The transaction also includes a forward commitment for a Freddie Mac permanent loan to be originated and serviced by Berkadia.
Siobhan O’Donnell, the Los Angeles-based Practice Co-Leader of Ballard Spahr’s Real Estate Finance Group, and Washington, D.C.-based Finance Partner P. Andrew Spicknall represented Berkadia Commercial Mortgage in the matter.
For media inquiries, please contact Will Ashenmacher at 612.371.5792.