Berkadia Secures $41M HUD Refinancing for Apartment Community in Richmond | REBusiness Online
RICHMOND, Va. – September 4, 2018 – Berkadia today announced the $41.02 million financing for Malvern Manor Apartments, a stately brick garden-style multifamily property in Richmond, Virginia. Senior Director Steve Murden and Senior Managing Director David Blake of the Richmond office secured the loan through Berkadia’s HUD 223(F) program. The borrower was Virginia-based Malvern Manor Apartments, LLC, and the deal closed on August 31.
The 34-year permanent refinancing features a 3.95 percent interest rate and an 80 percent loan-to-value ratio. HUD’s processing time from submission through firm commitment was just under 60 days.
“Although originally built in 1948, Malvern Manor has been extremely well-maintained and has had numerous improvements over the years to include a new clubhouse and additional units,” said Murden. “The excellent location, within minutes of downtown, and the high quality of the property allowed us to provide long-term financing with equity out to one of our most highly-valued clients.”
Located at 41 Malvern Ave., Malvern Manor Apartments features large one- and two-bedroom floor plans that include washers and dryers, hardwood floors, fully-equipped kitchens and crown molding. Community amenities include a two-story clubhouse with a resort-style swimming pool, a fitness center and on-site management with 24-hour emergency maintenance. The property is located near Carytown retail district and the University of Richmond, with easy highway access.