January 30, 2017
Newmark Grubb Levy Strange Beffort and Hall Capital obtained $66 million in construction and permanent financing to develop West Village, a 345-unit, mixed-use project in Oklahoma City. The developer broke ground last month on the project at 835 W. Sheridan Ave.
The loan, arranged by Chris Dunning and Chad Ricks with CBRE Capital Markets, was funded through the U.S. Department of Housing and Urban Development’s Section 220 new construction mortgage program. The debt has an interest-only period of 26 months, and a 40-year, nonrecourse, amortizing loan at a rate in the mid-3s.
The $70-million West Village combines housing, retail and office space, that will surround the 21CMuseum Hotel on Film Row.
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