Berkadia Secures $32M in Financing for Virginia Beach Resi Development 

Berkadia has secured $31.85 million in construction/permanent financing for Vanguard Landing, a 128-bedroom community to be developed in Virginia Beach, Virginia. The financing was secured through the Virginia Housing Development Authority on behalf of the non-profit developer, Virginia Beach-based Vanguard Landing, Inc. The loan features a 6.25 percent permanent interest rate and a 40-year amortization schedule. 

The development, located at 2016 Princess Anne Road, provides housing for individuals with intellectual and developmental differences. The project, estimated to cost $40 million, will feature The Gathering Point, the main hub and support building for the community, including administrative offices, class and recreation rooms, and a dining hall. 

Berkadia’s John Reed and John Richards worked on behalf of Vanguard Landing to secure the financing. “This is a ‘first of its kind’ development in the Commonwealth of Virginia and thus the first property financed by Virginia Housing,” said Reed. “This fact alone presented some challenges for all parties involved throughout a very lengthy process. The fact that we were able to get this done testifies to the worthiness of this project, in addition to the perseverance of the Berkadia, Vanguard Landing, and Virginia Housing teams.”