
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.
- ◦Financing