Berkadia Completes $32 Million Sale and Secures $27.8 Million in Financing for Multifamily Property in Virginia
NORFOLK, Va. – September 22, 2022 – Berkadia announced today the sale of and financing secured for The Village at Stoneybrook, a 256-unit garden-style multifamily property located in Newport News, Virginia. Senior Director David Hudgins of Berkadia Norfolk completed the $32 million sale on behalf of the seller, Virginia-based Stoneybrook & Associates LLC. The buyer was a joint venture between Northern Virginia-based Linden Property Group and Navy Squared Partners of New York City. The deal closed on September 8.
“This is the second deal consummated with this buyer and seller this year,” said Hudgins. “Workforce housing has continued to perform favorably and has sustained its value during this adjustment period of rising interest rates. The collaboration of our debt team makes the deal transact so smoothly for our clients while delivering the best terms on both sides.”
Managing Director Paul Wallace of Berkadia DC Metro secured $27.8 million in permanent acquisition financing on behalf of the buyer. The five-year bridge loan was financed through Sandy Spring Bank.
“Sandy Spring Bank provided favorable financing terms which will enable Linden to execute their proven value-add business through in-unit upgrades and community amenity improvements,” said Wallace. “This is the third workforce housing community Linden has acquired in the submarket.”
Located at 400 Cox Landing, The Village at Stoneybrook features one-, two- and three-bedroom floor plans with in-unit washers and dryers. Community amenities include a swimming pool, a playground and a picnic area. The property affords residents convenient access to Fort Eustis, Newport News/Williamsburg International Airport, Newport News Golf Club at Deer Run, Stoney Run Athletic Complex and the shops and restaurants near Warwick Boulevard and Interstate 64.
Newport News, Va., Apartments Sell for $32Mln, Get $27.8Mln Loan | CRE Direct
Virginia Asset Sells for $32M | Multi-Housing News