Berkadia Secures Financing for 132-Unit Multifamily Property in Arlington, Virginia
ARLINGTON, VIRGINIA – April 22, 2024 – Berkadia announced today the financing of Gables 12 Twenty-One, a 132-unit, midrise-style multifamily property in Arlington, Virginia. Senior Managing Director Patrick McGlohn, Managing Director Brian Gould, Senior Director Miles Drinkwalter, and Associate Pat Cunningham of Berkadia DC Metro, secured $27.3 million in acquisition financing on behalf of the buyer, Maryland-based Bozzuto Group.
“This was a dynamic and competitive financing process that attracted numerous financing options given the strength of the asset, location and sponsor,” said McGlohn. “Our partners at Freddie Mac exhibited nimbleness and were able to quickly lock the interest rate, which proved to be extremely valuable given the current Treasury volatility. We greatly appreciate the opportunity to work with the Bozzuto team and congratulate them on this successful acquisition.”
Located at 1221 N Pierce Street, the property provides residents walking access to hundreds of shops and restaurants along Wilson Boulevard and Clarendon Boulevard. The property’s surroundings are flush with strong employment demand drivers between the Rosslyn-Ballston Corridor’s 26 million square feet of office space (five-minute walk), home to some of the most prestigious private-sector firms in the DC metro area, Washington D.C.’s 130 million square feet of office space (five-minute drive), and the Pentagon’s 25,000 employees (three-minute metro). The nearby employment base and talent pool have seen tremendous large-scale investment adding to National Landing’s 13 million square feet of office with Amazon HQ2’s newly delivered campus (two stops/five minutes on the Blue Line Metro) and the $1 billion incoming Virginia Tech Innovation Campus (5 stops/8 minutes on the Blue Line Metro).
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