St. John Properties has closed on a $72.6 million HUD loan for the construction of a Class A multifamily development in Middle River, Md. Walker & Dunlop arranged financing for the project, the 317 unit Berkleigh in Middle River, through HUD’s new 221(d)(4) new construction program. The financing includes a two-year construction loan followed by a 40-year, fully amortizing, permanent fixed-rate loan. The scheme is located inside Greenleigh, a component of the master-planned Baltimore Crossroads @ 95, one of the largest Mid-Atlantic mixed-use projects. Once completed, the $750 million 1,000-acre development will offer office space, retail, two hotels, 1,000 homes and two multifamily properties. Already under construction, the multifamily community, which will feature two four-story buildings, is the second apartment complex scheduled to come online at Baltimore Crossing.
