WASHINGTON D.C. – July 31, 2019 – Berkadia today announced $92.7 million in financing for Woodbridge Station, a garden-style multifamily property in Woodbridge, Virginia. Director Jonathan Pratt and Associate Director Rossana Bouchaya of Berkadia’s Washington D.C. office secured the loan on behalf of Foulger-Pratt, a Washington D.C.-based developer and operator. The deal closed on July 31.
The seven-year interest-only Fannie Mae loan features an interest rate below 3.50 percent and a 70 percent loan-to-value ratio.
“This loan represents Foulger-Pratt’s long-term commitment to this community,” said Pratt. “The loan will allow them to update the property’s energy efficiency by over 30 percent and will allow continued general improvements to the property’s units and amenities.”
Located at 1400 Eisenhower Circle, Woodbridge Station features two-, three- and four-bedroom floor plans with spacious closets and full-sized washers and dryers in-unit. Community amenities include a swimming pool with a sun deck, eleven community playgrounds, hiking and jogging trails, a tennis court, a dog park, a picnic area, multiple grilling stations and storage units. Residents are afforded convenient access to Hylbrook Park, Veterans Memorial Park, Occoquan Bay National Wildlife Refuge and the shops and restaurants along Jefferson Davies Highway.
Multifamily Properties Obtain More Than $100 Million in Financing | Virginia Business
Berkadia Secures $93M Financing for MF Property in Metro D.C. | Connect Commercial Real Estate
Washington, DC-Area Community Lands $93M Loan | Multi-Housing News
Foulger-Pratt Lands $93M Refinancing Deal for 600-Unit Woodbridge Property | Bisnow