Berkadia Secures $72M in Construction Financing for Multifamily Property in Montana

Construction on the entire project is set to be completed by September 2025

Graf St Apartments
19th & Graf Apartment Homes will include 104 one-bedroom, 121 two-bedroom, and 35 three-bedroom units.

Berkadia announced the construction financing secured for the second phase of the existing 19th & Graf Apartment Homes, a garden-style multifamily property in Bozeman, Montana.

Located at the intersection of Graf Street and South 19th Avenue in Bozeman, the second phase of 19th & Graf will include 260 residential units. The project will feature a clubhouse and a community room. The fitness center is complete with a yoga and spin studio plus a sauna. Other features include a game room, resident lounge, and business center with work-from-home suites. Outdoor amenities feature a sports simulator, a resort-style pool with cabanas, outdoor grilling stations, a pizza oven and firepit. The community will include 104 one-bedroom, 121 two-bedroom, and 35 three-bedroom units.

The 221(d)(4) 40-year construction loan, financed through HUD’s Green Program, features a 5.75 percent interest rate. The general contractor is Dick Anderson Construction, Inc., and KEPHART is the architect of record. Managing Director Jennifer Quigley of Berkadia Denver secured the $72.85M for permanent construction financing on behalf of the borrower, Montana-based BlackRidge Companies. The deal closed on September 15.

“This is the fourth HUD-insured construction loan I have closed with this client in the Bozeman market. We have been fortunate to see both strong rental housing demand and rent growth since the first project delivered in 2020,” said Quigley. “The second phase of 19th & Graf Apartment Homes will add 260 additional units to the first phase of 195 units. It will also include a second and significantly larger clubhouse.”

“We are excited to commence another quality, Class A multifamily project in Bozeman. We believe the quality of units and amenities that this development will provide will make this a preeminent apartment community in this market,” said Will Ralph, Vice President of Development with Blackridge Companies.