RICHMOND, Va. – July 1, 2019 – Berkadia today announced the financing of Goose Creek Apartments, a multifamily property to be constructed in Fishersville, Virginia. Senior Director Stephen Murden and Director Amy Gay of Berkadia’s Richmond, Virginia office originated the $22.63 million construction loan through HUD. The borrower is Virginia-based Denstock and the deal closed on June 31.
The 221(d)(4) 40-year construction loan features a 4.49 percent interest rate and an 85 percent loan-to-cost ratio.
“We were pleased to finance the first phase and honored to provide the financing of the second phase of this very successful project.” said Gay. “We are confident that phase 2 will answer the need for more high-end housing options to support that recent growth in the market.”
Goose Creek Apartments will be constructed along Goose Point Lane, near Life Core Drive, affording convenient access to nearby Interstate 64, the Augusta Health Emergency Department, and the Murphy Deming College of Health Sciences at Mary Baldwin University.