RICHMOND, Va. – November 9, 2021 – Berkadia today announced the $56.2 million in financing secured for Gravity on 400, a 273-unit high-rise multifamily property in Norfolk, Virginia. Director Amy Gay of Berkadia Richmond secured the construction financing on behalf of the borrower, Virginia-based Marathon Development Group. The deal closed on November 4.
The HUD 221(d)(4) loan through the Green MIP Reduction program features a 2.68 percent interest rate, a 40-year term and an 85 percent loan-to-cost ratio.
“Helping clients navigate the HUD 221(d)(4) process is my favorite part of my job,” said Gay. “But it is even more rewarding to help a first-time HUD client. Marathon’s extensive experience in multifamily development was evident throughout the entire deal process. This project is going to be an amazing addition to the market.”
“Berkadia was an invaluable partner in the HUD process,” said Frank “Buddy” Gadams, owner of Marathon Development Group. “Amy and the team’s experience and knowledge was evident at every turn. We thank them for working closely with our team to help bring this stunning new project to the Hampton Roads market.”
Located at 400 Waterside Drive, Gravity on 400 will feature studio, one-, two- and three-bedroom floor plans in one six-story elevatored apartment building with first story garage parking. Community amenities will include a fitness center, a club room, a courtyard with a swimming pool, grilling stations and fire pits. Residents will be afforded convenient access to MacArthur Square Station, the Elizabeth River and Interstate 264.