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January 12, 2021 Comments (0) Views: 304 Pacific Northwest, Seattle & Pacific Northwest News

Berkadia Delivers $26M for Montana MF Development

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Berkadia arranged more than $26 million in construction financing for the second phase of Icon Apartment Homes at Ferguson Farm, a garden-style multifamily property in Bozeman, MT. The 221(D)4 40-year construction loan, financed through HUD’s Green Program, features a 2.76% interest rate.

Located at 4555 Fallon St., the second phase of the project will include 120 residential units. The two-phased project, both financed via HUD’s 221(d)(4) program, will feature a clubhouse with an elevator, a fitness center, a game room with billiards tables, a golf simulator, a resort style pool and cabana, an outdoor fireplace and a library. Construction on the entire 336-unit project is set to be completed by April 2022.

Berkadia’s Jennifer Quigley secured the permanent construction financing on behalf of the borrower, Montana-based BlackRidge Companies. BlackRidge’s Will Ralph says, “This project will be an extension of the first phase of this development and will provide much needed, high-quality multifamily housing in the Bozeman market.”

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