RICHMOND, Va. – January 3, 2018 – Berkadia today announced the recent financing of Allure at Jefferson, a multifamily community to be constructed in Fredericksburg, Virginia. Senior Managing Director David Blake and Senior Director Stephen Murden of the Richmond, Virginia office originated the $52 million construction loan through Berkadia’s HUD program. The borrower was The Breeden Company, a Virginia-based real estate services firm.

The HUD 221(D)4 loan features a 3.69 percent fixed interest rate and an 85 percent loan-to-cost ratio.

“The Fredericksburg and greater Mid-Atlantic market has been experiencing dynamic growth to close the year,” Blake said. “It was a pleasure to help a longtime client expand their geographic footprint into such thriving area.

“We are very excited to begin construction on the Allure at Jefferson,” said Terry Marshall, CFO of The Breeden Company. “This is our largest HUD multifamily project to date and it is our first venture into this market. We believe a high-quality product combined with an incredible location in this market will make the Allure at Jefferson very successful.”

Allure at Jefferson will be constructed along Jefferson Davis Highway, affording convenient access to nearby downtown Fredericksburg, Washington, D.C. and Richmond. The property will consist of 14 three- and four-story buildings offering 338 one-, two- and three-bedroom units. The property will also feature 42 attached garages, 18 detached garages and 142 storage spaces. Due to the recent growth of the Fredericksburg market, The Breeden Company has future plans for a second phase that will provide an additional 112 apartment units adjacent to the subject site.