Philadelphia, Pennsylvania – January 27, 2025 – Berkadia, a leader in the commercial real estate industry, announced today the financing of Skyview Park , a 188-unit, mid-rise style multifamily property in Scranton, Pennsylvania. Senior Vice President – Head of Acquisitions Chris McGraw of Berkadia Affordable Tax Credit Solutions LLC secured $18.
Philadelphia, Pennsylvania – January 27, 2025 – Berkadia, a leader in the commercial real estate industry, announced today the financing of Skyview Park , a 188-unit, mid-rise style multifamily property in Scranton, Pennsylvania. Senior Vice President – Head of Acquisitions Chris McGraw of Berkadia Affordable Tax Credit Solutions LLC secured $18.8 million in Low-Income Housing Tax Credit (LIHTC) equity investment and Senior Managing Director Tim Leonhard of Berkadia Affordable Housing secured the $25.7 million Fannie Mae loan on behalf of the sponsor, Lincoln Avenue Communities.
Skyview Park will consist of 188 affordable units across a mixture of garden and townhome-style buildings. The unit mix consists of 50 one-bedroom units, 91 two-bedroom units, and 47 three-bedroom units. The community will serve residents earning between 20% and 60% of the Area Median Income (AMI).
“Berkadia’s investment in Skyview Park will provide additional affordable housing to 188 households in Scranton,” said McGraw. “We’re honored to play a role in the preservation of much needed affordable housing.”
Once renovations are complete, Skyview Park will offer a clubhouse which contains a fitness room, bathrooms, conference room, office space, computer room, multi-purpose room, laundry facility, and kitchen. The project will also provide a pavilion/dog park, on-site management, picnic area, and a playground.
“Lincoln Avenue Communities is proud to deepen our impact in Pennsylvania through the rehabilitation of Skyview Park,” said Wes McLean, LAC Vice President and Regional Project Partner. “This rehabilitation will preserve access to affordable housing for the Scranton community while bringing modern upgrades and vibrant community spaces to the property.”
Financing for the project will include an equity bridge loan, a permanent loan through Fannie Mae, and proceeds from 4% Low Income Housing Tax Credits.
Berkadia Affordable Housing is a fully integrated financial services platform comprised of mortgage banking, investment sales, and tax credit syndication. Berkadia Affordable Housing 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.
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