Berkadia Secures $36M in Construction Financing for Multifamily Property Near Richmond | REBusiness Online
RICHMOND, Va. – October 1, 2018 – Berkadia today announced $36 million in financing for Westchester Apartments, a 238-unit garden-style multifamily property in development in Midlothian, Virginia. Senior Director Costa Canavos and Director Amy Gay of the Richmond, Virginia office secured the loan through Virginia Housing Development Authority. The deal closed on September 19.
The 20-month interest-only construction loan converts to an amortizing 30-year permanent loan. The rate lock on the permanent loan occurred prior to closing on the construction loan.
“It was a pleasure helping the development team on this project because while they are very experienced in multifamily development, specifically in the greater Richmond market area, they were entirely new to the VHDA process,” said Canavos.
“It was so rewarding to work on bringing this local project to fruition because the multifamily product will be a great addition to an already amazing mixed-use development in the community,” said Gay. “The amenities offered at this location are unlike anything else in the market.”
Located on Perimeter Drive in the Westchester Commons development off the Midlothian Turnpike, the property will afford convenient access to Route 288 and numerous retail, dining and entertainment options in Westchester Commons.