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Berkadia Secures $35M Construction Financing for VA Multifamily
Berkadia has secured $34.5 million in financing for the second phase development of Meadow Branch, a garden-style multifamily property in Winchester, VA. The 40-year HUD 221(d)(4) loan features a 2.8% interest rate and an 85% loan-to-cost ratio.
Senior managing director David Blake, senior director Stephen Murden and director Amy Gay of Berkadia Richmond arranged the financing on behalf of the borrower, VA-based Denstock, LLC.
“This Phase 2 development will add 135 units to the Phase 1 development that was also financed using the HUD 221(d)(4) program in 2017,” said Gay. “Similar to Phase 1, Phase 2 will have elevatored buildings, which is a unique offering in this market and helps this product stand out amongst other properties in the market.”
Phase 1 of Meadow Branch will feature one-, two- and three-bedroom floor plans. The Ridgewood Lane property has access to Shenandoah University, Old Town Winchester, Winchester Medical Center and Route 50.
- ◦Financing
