Berkadia, a leading commercial real estate services and finance company, has successfully arranged the financing for Skyview Park in Scranton, Pennsylvania. The 188-unit multifamily property features a mid-rise design and was secured by Senior Vice President – Head of Acquisitions Chris McGraw of Berkadia Affordable Tax Credit Solutions LLC.
Through his efforts, $18.8 million in Low-Income Housing Tax Credit (LIHTC) equity investment was obtained for the project. Additionally, Senior Managing Director Tim Leonhard of Berkadia Affordable Housing secured a $25.7 million loan from Fannie Mae on behalf of sponsor Lincoln Avenue Communities.
The financing package includes an equity bridge loan as well as proceeds from 4% LIHTCs to support the development’s affordable housing goals. Skyview Park will offer 188 units across garden-style and townhome buildings with a unit mix that includes one-bedroom units (50), two-bedroom units (91), and three-bedroom units (47). The community will cater to residents earning between 20% and 60% of the Area Median Income (AMI).
This successful transaction highlights Berkadia’s commitment to providing comprehensive financial solutions for affordable housing developments across the country.
