The Real Deal Miami

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
July 23, 2017 11:00AM

Rendering of 23 West Apartments in Gainesville

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.