Multifamily properties obtain more than $100 million in financing
- August 5, 2019
The commercial real estate services firm Berkadia recently secured more than $100 million in financing for two multifamily properties in Virginia.
One deal was $92.7 million in financing for Woodbridge Station, a garden-style multifamily property in Woodbridge.
The seven-year, interest-only Fannie Mae loan has an interest rate of less than 3.5% and a 70% loan-to-value ratio.
Director Jonathan Pratt and Associate Director Rossana Bouchaya of Berkadia’s Washington, D.C., office secured the loan on behalf of Foulger-Pratt, a D.C.-based developer and operator.
Berkadia also secured financing for the third phase of Windigrove Apartments, a multifamily property to be built in Waynesboro.
Director Amy Gay of Berkadia’s Richmond office originated the $15.8 million construction-to-permanent loan through HUD.
The borrower was Virginia-based Pinnacle Construction & Development Corp.
The construction loan has a 4.13% interest rate and an 85% loan-to-cost ratio.
Both financing deals closed on July 31.
Berkadia, based in Ambler, Pennsylvania, is a joint venture of Berkshire Hathaway and Jefferies Financial Group.