RICHMOND, Va. – April 20, 2020 – Berkadia today announced the $39 million in combined financing secured for Stonebridge Apartments and Ashbrook Apartments, two garden-style multifamily properties in the Hampton Roads region of Virginia. Senior Managing Director David Blake and Senior Director Steve Murden of Berkadia’s Richmond, Virginia office originated both loans through HUD on behalf of the borrower, Virginia-based 140 Associates, LLC.
The 35 year fully amortizing 223(F) cash-out loans feature fixed interest rates of 3.15 percent and 2.98 percent, at an 80 percent loan-to-value ratio, and a reduced MIP of 0.25 percent based on their Green Energy Efficient qualifications.
“Berkadia is pleased to have been able to provide a valuable client with the loan terms they desired,” said Murden. “Even during this unprecedented economic period, HUD has proven to be a reliable source for apartment owners to lock into very low, long-term interest rates with a certainty of execution.”
Ashbrook Apartments is located at 205 Silverbrook Lane in Virginia Beach, Virginia. Residents are afforded convenient access to Pembroke Mall and the area’s largest employers, such as Bon Secours Healthcare and Sentara Healthcare. The property features one-, two- and three-bedroom floor plans with energy-efficient appliances, dishwashers and in-unit washers and dryers. Community amenities include a 24-hour fitness center, an outdoor swimming pool, a playground, a picnic area, a sand volleyball court and a business center. The deal closed on March 31, 2020 and provided the borrower with funds to make significant upgrades to the unit and property amenities which are set to be completed over the next twelve months.
Stonebridge Apartments is located at 4000 Prindle Court in Chesapeake, Virginia. The property features one-, two- and three-bedroom floor plans with walk-in closets and in-unit washers and dryers. Community amenities include a swimming pool, a 24-hour fitness center, a clubhouse, a business center and an outdoor grilling area. Residents are afforded convenient access to Chesapeake Square Mall and the area’s major employers, such as Portsmouth Shipyard, The U.S. Coast Guard and Wells Fargo. Stonebridge Apartments recently underwent renovations to all existing units, as well as the addition of 18 new units on the subject site. The deal closed on February 25, 2020.