Berkadia Originates FHA Financing for Victory Centre of Galewood

Berkadia Commercial Mortgage, Chicago, has originated $9.55 million in permanent, fixed-rate debt through its FHA program to finance the construction of Victory Centre of Galewood, a seniors' housing community in Chicago. The fully amortizing loan has a 40-year term and an interest rate of 4.47%. Additional sources of funding for the project include 9% Low Income Housing Tax Credits, a city of Chicago Department of Housing HOME loan, an AHP grant from the Federal Home Loan Bank and an Illinois affordable housing tax credit donation credit. Collectively, all sources of funding provided more than $21 million for the development of the project. Len Deering, Tom Sigrist and Paul Matusiak of Berkadia's Chicago office originated the loan. The borrower was Galewood SLF Associates LP.