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Berkadia Secures $115M in Financing for Virginia Multifamily Properties
Senior Director Amy Gay of Berkadia’s FHA/HUD recently closed more than $115 million in HUD 221(d)(4) and HUD 223(f) loans. The five transactions—three refinances and two construction-perm financings—are located in Virginia and include three different sponsors.
Gay secured $39.25 million in construction-permanent financing for The Village at Bon Air, located at 9746 Midlothian Turnpike in Richmond, Virginia. The HUD 221(d)(4) loan was secured on behalf of Richmond-based Sauer Properties, Inc., to develop a 206-unit garden-style multifamily property.
She also secured refinancing through the HUD 223(f) program on behalf of Roanoke, Virginia-based Fralin Companies. The refinancing was secured for three garden-style multifamily properties. Additionally, Gay secured $43.36 million in construction-permanent financing for Kingsborough Square Apartments, a to-be-built garden-style multifamily property located in Chesapeake, Virginia.
“The busy month of March was a result of all the stars aligning after the government shut down in late 2025,” said Gay. “HUD Multifamily got back to work immediately and was a great business partner throughout the process.”
