WASHINGTON D.C. – June 5, 2019 – Berkadia today announced $63.17 million in financing for PeachTree of McLean, a garden-style multifamily property in Falls Church, Virginia. Director Jonathan Pratt of Berkadia’s Washington D.C. office secured the loan on behalf of Virginia-based Erkiletian Companies. The deal closed on May 31.
The 10-year fixed-rate Freddie Mac green loan features an interest rate under four percent, full-term interest-only and a 65 percent loan-to-value ratio. In conjunction with this transaction, Erkiletian Companies has commitment to improving the property’s water and energy efficiency by 30 percent.
“This transaction enables Erkiletian Companies to renovate PeachTree of McLean and provide cash equity for other development ventures,” said Pratt. “Erkiletian Companies is a best-in-class borrower who is consistently considering their tenants, partners and lenders’ needs throughout all aspects of the transaction.”
“Working with Berkadia has been a wonderful and dynamic experience,” said Stefanie Erkiletian, President, Board Member of EDC, Design, Development, Financing and Asset Management at Erkiletian Companies. “Not only do they have a depth of resources and are fast and efficient, but they also truly understand the finesse and care we desired for our longest-held property since 1979. This is an exciting time for PeachTree of McLean, as the refinancing will help us to move forward with our renovations and sustainability program, allowing the property to reach the level and caliber that fit to the Erkiletian Companies’ quality and standards.”
Located at 2042 Peach Orchard Drive, PeachTree of McLean features one-, two- and three-bedroom floor plans with private balconies or terraces, fully equipped kitchens and wall-to-wall carpeting. Community amenities include a resort-style pool, a game room, a fitness center and a grilling area. Residents are also afforded convenient access to Tysons Center, Route 7, Interstate 66 and Interstate 495.