RICHMOND, Va. – September 17, 2020 – Berkadia today announced the financing secured for Hunter’s Mill Apartments, a garden-style multifamily property located in Virginia Beach, Virginia. Senior Director Steve Murden of Berkadia’s Richmond, Virginia office originated the $19.04 million loan on behalf of the borrower, Virginia-based The Breeden Company. The deal closed on July 31, 2020.
The HUD 223(F) 35-year loan, financed through HUD’s Green Program, features a 2.49 percent interest rate and an 80 percent loan-to-value ratio.
“Berkadia is pleased to be able to meet both the necessary timing and loan proceeds expectations of one of our most valued clients,” said Murden. “This very well-maintained apartment community, located in an excellent location in the Hampton Roads region, continues to perform very well with high occupancy through the COVID-19 pandemic due to the dedicated Breeden management team.”
Located at 397 Brixton Drive, Hunter’s Mill Apartments features one- and two-bedroom floor plans with private patios or balconies and in-unit washers and dryers. Community amenities include a clubhouse, a fitness center, a swimming pool, a business center and an outdoor area with grilling stations. Residents are afforded convenient access to William’s Farm Park and the shops along Virginia Beach Boulevard.