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.
For comments, questions or concerns, please contact Paul Bubny