Berkadia Secures $77M Refinancing for Mid Atlantic Multifamily Portfolio
Berkadia has secured a combined $77.1 million in refinancing for two multifamily properties in Virginia and West Virginia.
The properties include Big Sky Apartments in Virginia and Washington Landing in West Virginia. Big Sky Apartments is located at 107 Community Way in Staunton and features one-, two- and three-bedroom floor plans with in-unit washers and dryers, air conditioning and walk-in closets. Washington Landing will be located in Charles Town, WV and will feature 196-units with one-, two- and three-bedroom floor plans. Community amenities will include a fitness center, a swimming pool and a dog park.
Stephen Murden and Amy Gay of Berkadia’s Richmond office secured the respective HUD financing on behalf of Virginia-based Pinnacle Construction & Development Corp. The loans included $32.7 million in permanent refinancing through a HUD 223(f) loan for Big Sky Apartments and $44.39 million in construction financing through a HUD 221(d)(4) loan for Washington Landing.
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.