RICHMOND, Va. – August 22, 2019 – Berkadia today announced the financing of the second phase for Abberly Square Apartments, a new construction multifamily property in Waldorf, Maryland. Senior Managing Director David Blake and Senior Director Steve Murden of Berkadia’s Richmond, Virginia office originated the $15.65 million loan through Berkadia’s HUD program. The borrower was Virginia-based HHHunt, LLC, and the deal closed on August 14.
The 40-year HUD 221(d)(4) construction-permanent loan features a 3.99 percent interest rate.
“Helping a long-time client continue to expand their multifamily portfolio through the 221(d)(4) new construction program is always exciting for me, no matter how many times I navigate this process,” said Blake.
Abberly Square Apartments Phase II will be constructed along Eden Woods Drive, affording convenient access to nearby main thoroughfares, such as Route 301, Route 5, Interstate 495, Interstate 395 and Indian Head Highway.
Berkadia Secures Nearly $16M in Construction Financing for Multifamily Property in Maryland | CityBizList