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PHILADELPHIA — Berkadia has arranged $11.1 million in financing for Casa Farnese Inc. and PRD Management. The companies will use the capital to renovate Casa Farnese, an affordable seniors housing community in Philadelphia.
Casa Farnese includes 288 units in an 18-story tower. The property is 50 years old.
Kevin Kozminske and Brian Campbell of Berkadia arranged two loans through the firm’s partnership with HUD: a $7 million loan under section 207/223(f) and a $4.1 million loan under section 241(a) to finance improvements to the community. The non-recourse loans provide 90 percent loan-to-cost financing and 35-year amortization schedules.