RICHMOND, Va. – October 29, 2019 – Berkadia today announced the financing secured for four of the phases of Foxridge Apartments, a multifamily property in Blacksburg, Virginia. Senior Managing Director David Blake and Senior Director Steve Murden of Berkadia’s Richmond, Virginia office originated a cumulative total of $42.87 million in loans through HUD. The borrower is Virginia-based HHHunt Corporation, and the deal closed on October 29.
The HUD 223(F) permanent refinancing loans all feature a 3.19 percent interest rate with a 35-year amortization terms at 80 percent loan-to-value ratios.
“This development has successfully served both Virginia Tech students, as well as the Town of Blacksburg residents, since the mid-1970’s due to its excellent management and ownership’s consistent property improvements,” said Murden. “We are thankful for the opportunity to refinance these phases of HHHunt’s largest apartment community.”
Located at 750 Hethwood Blvd., Foxridge Apartments features one-, two-, three-, four- and five-bedroom floor plans with private patios and balconies. Community amenities include a new clubhouse with a fitness center and a swimming pool, a volleyball court, a basketball court, a tennis court, a playground and a bark park. The property’s location affords convenient access to the Virginia Tech campus, along with local business centers, retail establishments and community attractions.