RICHMOND, Va. – April 28, 2022 – Berkadia announced today the financing secured for Huntington Pointe Apartments, a to-be constructed 176-unit garden-style multifamily property in Newport News, Virginia. Director Amy Gay and Senior Director Stephen Murden of Berkadia Richmond secured the $36.6 million in permanent construction financing on behalf of the borrower, Virginia-based The Breeden Company. The deal closed on April 21.
The 40-year HUD 221(d)(4) loan financed through the Green MIP Reduction program features a 3.36 percent interest rate and an 85 percent loan-to-cost ratio.
“The Breeden Company is a prolific HUD developer,” said Gay. “We are proud to have assisted them in adding to their extensive multifamily portfolio with this new construction project.”
Located at 903 Denbigh Blvd., Huntington Pointe Apartments will feature one-, two- and three-bedroom floor plans in one elevator building and two carriage-style, walk-up buildings. Community amenities will include a swimming pool within a courtyard and a clubhouse with a club room, a kitchen, a business office and a fitness center. Additional recreational amenities will be provided in the courtyard. Residents will be afforded convenient access to Newport News/Williamsburg International Airport, Newport News Golf Club at Deer Run and the shops and restaurants near Interstate 64.