Berkadia, a distinguished leader in the commercial real estate sector, announced the financing of The Indigo Apartments in Clearwater, Florida.
Senior Managing Director Tim Leonhard and Associate Director Jack Leonhard of Berkadia Affordable Housing secured the $20.3 million HUD 221(d)(4) loan on behalf of the sponsor, Sunrise Affordable Housing Group. Other sources of financing include Federal Low Income Housing Tax Credit (LIHTC) equity from R4 Capital, two subordinate loans from the City of Clearwater, and land trust equity from Pinellas County under the “Pennies for Pinellas” program.
“Berkadia is honored to have collaborated with the many partners who played a role in bringing this deal to fruition, showcasing the positive impact of public-private partnerships in advancing the creation of new affordable housing,” said Leonhard. “Given the various layers of financing and all of the parties involved, this deal required committed partners with technical expertise. The sponsor, Sunrise Affordable, demonstrated a remarkable ability to bring all the various pieces together to make this project feasible.”
“This is a mission-driven project focused on creating permanent, accessible rental housing options for the people that need them most,” said Sam Caspert, a partner with Sunrise Affordable. “We’re proud to return this building to its original purpose—providing safe, stable, and affordable housing in the heart of Clearwater.”
Berkadia Affordable Housing is a fully integrated financial services platform comprised of
mortgage banking, investment sales, and tax credit syndication that delivers comprehensive investment solutions to clients across the country and distinguishes itself by pairing deep technical expertise and a wide array of product offerings with the drive and focus necessary to help clients grow their business.
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.
