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Berkadia Arranges Sale, Financing for Virginia MF
Berkadia completed the sale and financing of Commonwealth Apartments, a 234-unit, midrise luxury, Class A, garden-style multifamily property in the Chesterfield submarket of Richmond, Virginia’s metro area.
Berkadia DC Metro, Norfolk, and Richmond represented the seller, CMB Development, and Berkadia DC Metro secured a $37.02 million Fannie Mae acquisition loan on behalf of the buyer, Atlanta-based Mesa Capital Partners.
The Berkadia deal team consisted of Senior Managing Director Drew White, Managing Director Carter Wood, and Director Cole Carns, who represented the seller. The financing efforts were led by Senior Managing Director Patrick McGlohn, Managing Director Brian Gould, Senior Directors Miles Drinkwalter and Hunter Wood, and Associates Patrick Cunningham and Natalie Hershey.
Located at 5401 Commonwealth Centre Parkway in Midlothian, Virginia, the property features 234 luxury units. “This transaction highlights the competitive nature of the market, and we are confident that this property will be a valuable asset for the buyer, offering significant growth potential and strong returns in this thriving community,” said White.
