RICHMOND, Va. – July 8, 2020 – Berkadia today announced the $30.5 million in financing secured for Oak Ridge Apartments, a garden-style multifamily property in Riverdale, Maryland. Managing Director Donald Marshall of Berkadia’s Richmond, Virginia office secured the permanent refinancing for the property on behalf of the borrower Riverdale Village LP, based out of Washington DC. The deal closed on June 22.
The low-leverage Fannie Mae loan features a sub-three percent interest rate, with interest only payments over the full 10-year loan term.
“Oak Ridge is a well-managed property with dedicated ownership that consistently reinvests in the community with upgrades, improvements and programs to enhance the housing experience for its residents, ensuring high occupancy rates and extremely low turnover,” said Marshall. “Even during the COVID-19 pandemic, property performance has remained strong.”
Located at 5510 Madison Street in Riverdale, Maryland, the 491-unit project features updated one- and two-bedroom floor plans with modern, fully equipped kitchens and hardwood flooring in the living areas. Community amenities include a swimming pool and laundry facilities.
“Oak Ridge provides quality, affordable housing for families with a desirable, inside-the-Beltway location, just a quarter mile south of the location for the Metro’s new Purple Line Riverdale Park-Kenilworth Station, and a short commute along Kenilworth Avenue into Northeast Washington, DC,” said John Freeman, President of Chesapeake Management Group, Inc., the ownership representative. “The property also has convenient access to the Interstate 495 Capitol Beltway and the Baltimore-Washington Parkway which provide ready access to regional employment centers.”