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Quad Property Group Secures Fredericksburg Multifam with $32M Financing
Berkadia has secured $31.7 million in acquisition financing and completed the sale of Summit Kings Mill (previously Kendalwood Apartment Homes), a 170-unit garden-style multifamily property in Fredericksburg, VA.
Joshua Finley of Berkadia arranged the financing on behalf of the buyer, Quad Property Group. The three-year bridge loan was financed through ACRE.
Drew White and Carter Wood of Berkadia represented both the seller, Capital Investment Advisors, and the buyer in the transaction.
“Fredericksburg’s rent growth led the entire Washington, DC metro area for the better part of the last 12 months and is projected to be 6.3% through 2026,” said White. “Quad Property Group wanted to capitalize on the health of the submarket as well as on the continued value-add play at Summit Kings Mill.”
Summit Kings Mill features one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, a fitness center and a playground.
- ◦Sale/Acquisition
