Berkadia Secures $81M Refinancing for Virginia MF Portfolio
Berkadia has secured $81.7 million in combined refinancing for a three-property multifamily portfolio in Virginia.
The portfolio consists of Eagle Harbor West Apartments, Harbor Vista at Crawford Street and The Marq Apartments. Eagle Harbor West Apartments is located at 13420 Smiths Neck Road in Carrollton, Harbor Vista at Crawford Street is located at 800 Crawford St. in Portsmouth and The Marq Apartments is located at 4769 Alicia Drive in Virginia Beach. Amenities include swimming pools, walking and biking trails and activity lawns.
Steve Murden of Berkadia’s Richmond office secured the permanent refinancing on behalf of the borrower, Virginia-based The Breeden Co. The deals closed February 24.
“Breeden Co. develops and manages some of the highest quality multifamily communities in Virginia,” said Murden. “Berkadia is pleased to be able to provide a valued client with a significant debt service reduction on a portion of their portfolio within reasonable timing during one of HUD’s highest volume periods.”