RICHMOND, Va. – March 2, 2021 – Berkadia today announced the $81.678 million in combined financing secured for Eagle Harbor West Apartments, Harbor Vista at Crawford Street and The Marq Apartments, three multifamily properties in Virginia. Senior Director Steve Murden of Berkadia’s Richmond, Virginia office secured the permanent refinancing on behalf of the borrower, Virginia-based The Breeden Company. The deals closed on February 24.
“Breeden Company develops and manages some of the highest quality multifamily communities in Virginia,” said Murden. “Berkadia is pleased to be able to provide a valued client with a significant debt service reduction on a portion of their portfolio within reasonable timing during one of HUD’s highest volume periods.”
Eagle Harbor West Apartments is located at 13420 Smiths Neck Road in Carrollton, Virginia. The Berkadia team secured $26.194 million in financing through a fully amortizing 39.5-year HUD 223(a)7 MF loan which features a 2.92 percent interest rate. Eagle Harbor West Apartments features one-, two- and three-bedroom floor plans with walk-in closets. Community amenities include a swimming pool, a fitness center, a clubhouse, laundry facilities and a sundeck. Residents are afforded convenient access to the shops and restaurants along Carrollton Boulevard.
Harbor Vista at Crawford Street, located at 800 Crawford St. in Portsmouth, Virginia, features one- and two-bedroom floor plans with walk-in closets and private balconies. The Berkadia team secured $17.231 million in financing through a 40-year fully amortizing HUD 223(a)7 MF loan. This loan includes a 2.89 percent interest rate. The community’s amenities include a business center, walking and biking trails and an outdoor area with grilling stations. Residents are afforded convenient access to the Ocean Yacht Marina and the Atlantic Union Bank Pavilion.
The Marq Apartments is located at 4769 Alicia Drive in Virginia Beach, Virginia. The Berkadia team secured $38.251 million in financing through a 39.5-year fully amortizing HUD 223(a)7 MF loan which features a 3.37 percent interest rate. The property features one-, two- and three-bedroom floor plans with in-unit washers and dryers. Community amenities include a swimming pool, an activity lawn for entertainment and outdoor gaming and a business center. Residents are conveniently located near the Virginia Beach Expressway and the shops and restaurants along Holland Road.
Berkadia Secures $81M Refinancing for Virginia MF Portfolio | Connect Media