Berkadia Secures $25M Acquisition Loan for Alexandria MF Property
Berkadia has secured a $24.9 million acquisition loan for the Tuscany Apartments, a mid-rise multifamily property in Alexandria, VA.
Located at 260 Yoakum Parkway, the Tuscany Apartments features one- and two-bedroom floor plans with in-unit washers and dryers, walk-in closets and private patios or balconies. Amenities include a clubhouse, fitness center and pet playground. Residents are afforded convenient access to Stevenson Park, Interstate 395 and the shops and restaurants along S Van Dorn Street.
Jonathan Pratt of Berkadia’s Salt Lake City office secured the financing on behalf of the borrower, an affiliate of Maryland-based Advantage Properties Inc. and Cove Property Management LLC. The 10-year Freddie Mac loan features a floating interest rate over SOFR, an approximately 70 percent loan-to-value ratio and a 30-year amortization schedule, after a five-year interest-only period.
- ◦Acquisition