Berkadia Secures Over $80 Million in Financing for Multifamily Property in Virginia
WASHINGTON, D.C. – January 11, 2022 – Berkadia is proud to announce that it has secured financing for Emerald Point Apartments & Townhomes, an 863-unit multifamily property located in Virginia Beach, Virginia. Patrick McGlohn, Miles Drinkwalter, and Patrick Cunningham of Berkadia DC Metro secured $81.284 million in permanent refinancing on behalf of the sponsor, The Breeden Company.
“We are thrilled to work with The Breeden Company on the financing of Emerald Point, for the second time in the past decade,” said McGlohn. “The Breeden Company has done an incredible job creating value for its investors over the life cycle of owning the community, while providing homes for so many Virginia Beach residents. This is yet another example of why they are one of the premier property managers and owners of multifamily properties in the region.”
“We are pleased to have closed another transaction with Berkadia,” said Jake Marshall, The Breeden Company’s Vice President of Acquisitions and Development. “They are able to leverage their banking relationships to provide competitive financing in an ever-evolving market. The Emerald Point transaction proves the Hampton Roads market is very healthy and competitive in the multifamily realm.”
Located at 2100 Westminster Lane, Emerald Point features studio-, one-, two- and three-bedroom floor plans with in-unit washers and dryers and private patios or balconies in select units. Community amenities include a swimming pool, a fitness center, three tennis courts, a playground, a clubhouse and a conference/activity room. Residents are afforded convenient access to Sentara Virginia Beach General Hospital, Virginia Aquarium and Marine Science Center, Virginia Beach Sports Center and the shops and restaurants near the Virginia Beach Oceanfront.