Berkadia secures $22 million in financing for apartment complex in Chester
Berkadia has arranged $22 million in financing for the development and construction of Colony Village II Apartments, a 166-unit project in Chester.
The company said in a press release that Senior Managing Director David Blake of the company’s Richmond office secured the loan from the Department of Housing and Urban Development (HUD) on behalf of the Virginia-based borrower, Colony Village Phase II LLC. The deal was completed Oct. 20.
The interest-only, two-year construction loan includes a 3.36 percent fixed interest rate, an 83.5 percent loan-to-cost ratio and a 40-year amortization schedule for the permanent mortgage.
“We were proud to help the developer secure its construction financing for phase two of Colony Village, continuing the revitalization effort along the Jefferson Davis Highway Corridor,” Blake said in a statement. “The success of Colony Village Apartments [also 166 units] has been instrumental in improving the commercial retail and housing stock along portions of this historic Virginia route between Petersburg and Richmond.”
The Colony Village II property will be located at 10250 Colony Village Way, just north of Interstate-288 and Jefferson Davis Highway, about 13 miles from downtown Richmond.
Berkadia is a joint venture of Berkshire Hathaway and Leucadia National Corp.