Berkadia Secures $25M Acquisition Loan for Alexandria MF Property
Berkadia has secured a $24.9 million acquisition loan for the Tuscany Apartments, a mid-rise multifamily property in Alexandria, VA.
Located at 260 Yoakum Parkway, the Tuscany Apartments features one- and two-bedroom floor plans with in-unit washers and dryers, walk-in closets and private patios or balconies. Amenities include a clubhouse, fitness center and pet playground. Residents are afforded convenient access to Stevenson Park, Interstate 395 and the shops and restaurants along S Van Dorn Street.
Jonathan Pratt of Berkadia’s Salt Lake City office secured the financing on behalf of the borrower, an affiliate of Maryland-based Advantage Properties Inc. and Cove Property Management LLC. The 10-year Freddie Mac loan features a floating interest rate over SOFR, an approximately 70 percent loan-to-value ratio and a 30-year amortization schedule, after a five-year interest-only period.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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