RICHMOND, Va. – November 2, 2021 – Berkadia announced today the financing secured for the second phase development of Meadow Branch, a garden-style multifamily property in Winchester, Virginia. Senior Managing Director David Blake, Senior Director Stephen Murden and Director Amy Gay of Berkadia Richmond secured the $35.4 million in construction financing on behalf of the borrower, Virginia-based Denstock, LLC. The deal closed on October 20.
The 40-year HUD 221(d)(4) loan features a 2.8 percent interest rate and an 85 percent loan-to-cost ratio.
“This Phase 2 development will add 135 units to the hugely successful Phase 1 development that was also financed using the HUD 221(d)(4) program in 2017,” said Gay. “Similar to Phase 1, Phase 2 will have elevatored buildings, which is a unique offering in this market and helps this product stand out amongst other properties in the market.”
Located at 424 Ridgewood Lane, the second phase development of Meadow Branch will feature one-, two- and three-bedroom floor plans with in-unit washers and dryers and stainless steel appliances. Community amenities will include a swimming pool, a business center, a fitness center, a clubhouse and a private theater. Residents will be afforded convenient access to Shenandoah University, Old Town Winchester, Winchester Medical Center and Route 50.