Berkadia Provides $22.6M HUD-Insured Loan for Refinancing of Section 8 Housing Property in Brooklyn

by Jeff Shaw

NEW YORK CITY — Berkadia has provided a $22.6 million HUD loan for the permanent refinancing of Scheuer House of Manhattan Beach, a 149-unit Section 8 seniors housing property in Brooklyn.

The property consists of one eight-story building and two five-story buildings that were respectively constructed in 1964 and 1932.

Laura Smith of Berkadia originated the loan through HUD’s 223(f) program. The borrower, New York-based nonprofit JASA, will use a portion of the proceeds to fund capital improvements and preserve affordability.

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