Berkadia Completes Over $21.6 Million Sale and Secures Over $31 Million in Combined Financing for Two Multifamily Properties in Virginia
NORFOLK, Va. and WASHINGTON, D.C. – August 25, 2022 – Berkadia announced today the sale and financing for The Greens at Sunchase, a 140-unit multifamily property located in Farmville, Virginia. Berkadia also announced today the financing secured for Frontier Apartments, a 194-unit garden-style multifamily property located in Roanoke, Virginia. Senior Directors Carter Wood and David Hudgins of Berkadia Norfolk and Senior Managing Director Drew White of Berkadia D.C. Metro investment sales completed the $21.675 million sale of The Greens at Sunchase on behalf of the seller, Virginia-based Management Services Corporation. The buyer, also based in Virginia, was DSP Real Estate Capital.
“This was an awesome execution on behalf of both MSC and DSP for a very unique property in Farmville,” said Wood. “Over the last few years, MSC had noticed an increase in demand for conventional housing in Farmville and has converted some of the student housing to market rate housing to keep up with that demand. DSP did a great job of quickly wrapping their heads around this concept and plans to continue the same strategy moving forward.”
The Greens at Sunchase is located at 501 Sunchase Blvd in Farmville. The property features two- and three-bedroom floor plans with in-unit washers and dryers and private balconies. Community amenities include a swimming pool, a fitness center, a business center and movie theater. The property affords residents convenient access to Longwood University, Hampden-Sydney College and the shops and restaurants near E 3rd Street.
Director Phil Brannigan of Berkadia D.C. Metro mortgage banking secured $15.6 million in permanent acquisition financing on behalf of the buyer. The ten-year loan was financed through Fannie Mae, and the deal closed on July 29.
Frontier Apartments is located at 4428 Plantation Road NE in Roanoke. The 194-unit property features one- and two-bedroom floor plans with private balconies. Community amenities include a swimming pool, a picnic area and laundry facilities. The property affords residents convenient access to Roanoke-Blacksburg Regional Airport and the nearby shops and restaurants along with quick access to downtown Roanoke and I-81.
Director Phil Branigan of Berkadia DC Metro secured $16 million in permanent refinancing on behalf of DSP Real Estate Capital. Freddie Mac provided the 10-year floating rate loan with five years of interest-only, and the deal closed July 1.
“Since their acquisition of the property in December 2020, DSP has done a tremendous job upgrading unit interiors and improving common area amenities,” said Brannigan. “Freddie Mac’s loan rewarded them for the value they have created with five years of interest-only and prepayment flexibility.”