Dealmaker: Berkadia Secures $50M for Multifamily | Mortgage Bankers Association
RICHMOND, Va. – February 8, 2019 – Berkadia today announced $20.14 million in financing for East 51 at Rocketts Landing, a midrise multifamily property in Richmond, Virginia. Senior Managing Director John Reed and Managing Director Donald Marshall of Berkadia’s Richmond office secured the loan on behalf of Richmond-based Rocketts Block 18, LLC, and the deal closed on January 31.
The 10-year permanent Fannie Mae loan features a 4.59 percent interest rate and five years interest-only, followed by a 30-year amortization schedule and a 65 percent loan-to-value ratio.
“East 51 and the entire Rockets Landing development are exceptional projects,” said Marshall. “East 51 is the completed first phase of a multi-phase apartment project. Due to the success and rapid lease up of East 51, construction began the end of last year on Phase II. The sub-market has really needed a property like this.”
“As a correspondent for multiple life insurance companies and a direct lender for Fannie Mae and Freddie Mac, we were able to identify and directly engage the best lender for this particular project,” said Reed. “Berkadia is pleased to originate this Fannie Mae financing for our valued customers PRG and WVS.”
Located at 5101 Old Main St., the newly renovated property offers studio, one- and two-bedroom floor plans with stainless steel appliances, walk-in closets, granite countertops and in-unit washers and dryers. The pet-friendly community also features a riverfront saltwater pool, a fitness center and covered parking. East 51 Rocketts Landing affords convenient access to Capital Trail, a GRTC Pulse stop, Stone Brewery and Rocketts Landing Marina.
“We were extremely pleased with the performance of the entire Berkadia team on the financing, especially with their ability to maximize loan proceeds on a recently stabilized asset and position us to catch a brief dip in the Treasury yields at the time of rate lock,” said Sam Foster, CEO of PRG Real Estate.