RICHMOND, Va. – April 20, 2020 – Berkadia today announced the financing secured for the second phase of Moore’s Lake Apartments, a mid-rise multifamily property to-be-constructed in Chester, Virginia. Director Amy Gay of Berkadia’s Richmond, Virginia office originated the $27.7 million construction loan through HUD on behalf of the borrower, Virginia-based Emerson Construction Group, Inc. The deal closed on April 16.
The 221(d)(4) 40-year construction loan features a 2.96 percent interest rate and an 85 percent loan-to-cost ratio.
“The incredible lease-up period of the first phase of The Jane at Moore’s Lake proved the strong submarket of Chester in southern Chesterfield County,” said Gay. “So, it made sense to continue with the construction of the 185-unit second phase immediately after completing the 200-unit first phase.”
The second phase of Moore’s Lake Apartments will be constructed along Moore’s Lake Road and afford residents convenient access to Interstate 95 and the shops and restaurants along Jefferson Davis Highway.