SAN FRANCISCO – December 18, 2020 – Berkadia today announced the financing of Arcadia Run, a mid-rise multifamily property in Manassas, Virginia. Managing Director Andy Ahlers of Berkadia’s San Francisco office secured the $75 million refinancing on behalf of the borrower, California-based Arcadia Run LLC. The deal closed on December 15.
The 20-year loan provided by Allianz Real Estate of America features a fixed interest rate below 2.50 percent.
“Arcadia Run was constructed in two phases with the most recent buildings reaching stabilization several months ago,” said Ahlers. “Berkadia worked very closely with the sponsor and lender to structure long-term financing that met the investment goals of both parties.”
Located at 11775 Boltonia Drive, Arcadia Run features one-, two- and three-bedroom floor plans with in-unit washers and dryers and private patios or balconies. Community amenities include a swimming pool, a fully equipped fitness center, a clubhouse and an outdoor TV area with a fire pit. Residents are afforded convenient access to Manassas National Battlefield Park and State Route 234.