Berkadia secures $23.5 million in financing for Christiansburg apartments
Berkadia has secured $23.5 million in financing for The Adams at Peppers Ferry, a 168-unit multifamily property that will be built in Christiansburg.
David Blake, senior managing director of Berkadia’s Richmond office, arranged the financing through the company’s partnership with HUD on behalf of Denstock Peppers Ferry LLC. Berkadia said that the 40-year loan offers a 4 percent, fixed interest rate and an 83.3 loan-to-value ratio.
“The borrower jumped at the chance to be involved in the development of this new property amid a thriving market,” Blake said in a statement.
The Adams at Peppers Ferry’s is located on the perimeter of the Virginia Tech campus in Blacksburg. The property also is near the region's largest concentration of retail and LewisGale Hospital Montgomery.