Berkadia announced the financing of Hammond Village, a 78-unit affordable housing community in Columbia, South Carolina.
Managing Director Dave Strachan and Director Tom Bruce of Berkadia FHA/HUD secured the $6.6 million HUD 221(d)(4) loan for the property which is being rehabbed under HUD’s Rental Assistance Demonstration program.
“Hammond Village is a great example of how public housing authorities are able to convert their housing stock to a more stable funding source and access funding to rehabilitate and modernize their units. The RAD program continues to be an excellent tool in helping to preserve deeply affordable housing for years to come,” said Bruce.
This RAD/Section 18 blend project will allow the Borrower, The Columbia Housing Authority, to perform necessary capital improvements to the property, which was originally built in 1976, and preserve much needed affordable housing. As part of the rehabilitation, all units of the property will be updated and modernized, including renovations to the on-site community center which serves as a gathering place for residents.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
