Berkadia Completes $45.5 Million Sale and Secures Over $27.4 Million in Financing for Multifamily Property in Virginia

NORFOLK, Va., RICHMOND, Va. and WASHINGTON, D.C. — September 14, 2022 — Berkadia announced today the sale of and financing secured for Heather Lake, a 252-unit multifamily property located in Hampton, Virginia. Senior Director David Hudgins and Director Carter Wood of Berkadia Norfolk and Senior Managing Director Drew White of Berkadia DC Metro completed the $45.5 million sale on behalf of the seller, Virginia-based Artcraft Management. The buyer was Pennsylvania-based PRG Real Estate, and the deal closed on July 21.

“Our team worked very hard to obtain one of the highest per-unit sales in this market, considering the difficulties with the current debt market,” said Hudgins. “The collaboration on both the Sales side and Mortgage banking ultimately produces this success story and many others we have consummated this year and moving forward.”

Managing Director Donald Marshall of Berkadia Richmond secured $27.402 million in permanent acquisition financing on behalf of the buyer. The 10-year loan was financed through Fannie Mae.

Located at 99 Tide Mill Lane, Heather Lake features one-, two-, three- and four-bedroom floor plans with in-unit washers and dryers and private balconies or patios. Community amenities include a swimming pool, a playground and a dog park. The property affords residents convenient access to NASA Langley Research Center, Langley AFB Hospital and the shops and restaurants near La Salle Avenue and Route 258.

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