SALT LAKE CITY – March 18, 2021 – Berkadia today announced the financing secured for The Tuscany Apartments, a mid-rise multifamily property in Alexandria, Virginia. Managing Director Jonathan Pratt of Berkadia’s Salt Lake City office secured the $24.936 million in acquisition financing on behalf of the borrower, an affiliate of Maryland-based Advantage Properties, Inc. and Cove Property Management LLC, whose principals are Alexander J. Gross, Aaron J. Singer, Douglas Margerum and Stephen Margerum. An affiliate of CW Financial Services LLC participated in the acquisition as a joint venture equity partner in the borrower. The deal closed on March 1.
Alexander Gross, Principal, Advantage Properties, Inc. noted, “We are excited to close on the acquisition of The Tuscany Apartments, a property we believe has a bright future ahead. We are confident that The Tuscany Apartments will greatly benefit from the highly anticipated redevelopment of the existing Landmark Mall, which will undoubtedly increase rental demand in the submarket.”
The 10-year Freddie Mac loan features a floating interest rate over SOFR, an approximately 70 percent loan-to-value ratio and a 30-year amortization schedule, after a five-year interest-only period.
“The partnership selected a debt strategy perfect to their business plan, locking in extremely low pay rates with ultimate financing flexibility,” said Pratt.
Located at 260 Yoakum Parkway, The Tuscany Apartments features one- and two-bedroom floor plans with in-unit washers and dryers, walk-in closets and private patios or balconies. Community amenities include a clubhouse, a fitness center and a pet playground. Residents are afforded convenient access to Stevenson Park, Interstate 395 and the shops and restaurants along S Van Dorn Street.