October 12, 2020
Berkadia secured financing for Altair Tech Ridge, a garden-style multifamily property located in Austin. Senior directors Chad Bedwell and Eli Gershenson of Berkadia’s Dallas office originated the loan on behalf of the borrower, Dallas-based Galaxy Tech Ridge LLC.
Developed in 2019, Altair Tech Ridge is located at 12408 Dessau Rd. Residents are afforded convenient access to Interstate 35 and numerous job centers.
“In March 2020, HUD released Mortgagee Letter 2020-03, which revised HUD’s stance on accepting applications for mortgage insurance for multifamily properties less than three years from certificate of occupancy,” said Bedwell. “In anticipation of this notice, Berkadia initiated the underwriting on this property to submit as quickly as possible to work with the borrower’s current financing.
As a result, he continued, “the property was the first to receive firm commitment and close in the HUD Southwest Region under this new Mortgagee Notice.”
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