HUD-insured loan finances construction of rental project in Gainesville

The developer landed a $23.4 million HUD-insured construction loan for a 176-unit property

TRD MIAMI /
Jul.July 23, 2017 11:00 AM

The developer of a 176-unit rental apartment development in Gainesville got a $23.4 million HUD-insured loan to finance construction.

Svein Dyrkolbotn, principal of Viking Companies, is developing 23 West Apartments, one of handful of new multifamily housing developments west of Interstate 75 in Gainesville.

This is Viking Companies’ first market-rate multifamily housing project following its development of several Gainesville-area commercial properties and student housing projects.

Christine Griffin, a managing director of New York City-based real estate lender Greystone, originated the $23.4 million loan insured by the U.S. Department of Housing and Urban Development (HUD).

The term of the loan covers a 17-month construction period plus 40 years. “Using this lending platform, borrowers can take advantage of low, fixed-rate construction and long-term fully amortizing permanent financing based on expected future rental income,” Griffin said in a prepared statement.

When construction of 23 West Apartments is finished, the Gainesville property will feature amenities including a swimming pool, fitness center, community room, picnic area, business center and car care area.


Related Articles

arrow_forward_ios
Masoud Shojaee and a rendering of Shoma Village 

Shoma Group scores $67M loan for mixed-use Hialeah project

Shoma Group scores $67M loan for mixed-use Hialeah project
Housing Trust Group CEO and president Matt Rieger and Hudson Village renderings

HTG scores financing for Hollywood affordable housing project

HTG scores financing for Hollywood affordable housing project
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
Fortune International Group’s Edgardo Defortuna, Château Group’s Manuel Grosskopf and a rendering of the project

Fortune and Château score $119M refi for Sunny Isles condo project

Fortune and Château score $119M refi for Sunny Isles condo project
Rendering of the project and from left: Vince Signorello, Ricardo Caporal and Greg West

Zom Living, partners score $57M loan for Ludlam Trail project

Zom Living, partners score $57M loan for Ludlam Trail project
6405 West Boynton Beach Boulevard rendering, Pebb Enterprises President and CEO Ian Weiner

Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan

Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan
Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma nabs $18M construction loan for condos near Lincoln Road

Shoma nabs $18M construction loan for condos near Lincoln Road
Rendering of Wynwood 28 and Laurent Morali 

Kushner lands $18M loan for Wynwood projects

Kushner lands $18M loan for Wynwood projects
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...