Washington DC + DC Metro + Finance | April 21, 2020

Berkadia Arranges $67M in Virginia Deals

Berkadia’s Richmond, VA office closed two separate HUD transactions totaling nearly $67 million for properties in the Hampton Roads and Richmond metro areas.

In one transaction, the firm’s David Blake and Steve Murden arranged $39 million in cash-out financing for Stonebridge Apartments and Ashbrook Apartments, two garden-style multifamily properties in Virginia Beach and Chesapeake, respectively. The loans were made on behalf of Virginia-based 140 Associates LLC.

In the other, their colleague Amy Gay originated a $27.7-million construction loan for the second phase of Moore’s Lake Apartments in Chester, VA on behalf of the borrower, Virginia-based Emerson Construction Group Inc. The 185-unit second phase of Moore’s Lake follows the rapid lease-up of the 200-unit first phase.

“Even during this unprecedented economic period, HUD has proven to be a reliable source for apartment owners to lock into very low, long-term interest rates with a certainty of execution,” said Murden.

Pictured: Ashbrook Apartments.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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