Berkadia Secures $80M for Multifamily

Berkadia, New York, secured $79.6 million for multifamily assets in Virginia and Florida.

In Falls Church, Va. Berkadia Managing Director Donald Marshall arranged $48 million to allow Chesapeake Management Group, Washington, D.C., to refinance garden-style property Kingsley Commons. The deal closed on April 25.

The low-leverage Freddie Mac loan priced at 4.04 percent and will allow interest-only payments over the full 10-year loan term.

Located at 7308 Arlington Blvd. in Falls Church, the 404-unit property includes two- and three- bedroom townhouse-style floor plans. Through its non-profit affiliate Arlington Boulevard Community Development Organization, the property hosts a fully staffed computer learning center for residents as well as a family resource center with activities including a youth soccer club, homework help, summer camps and English classes.

Berkadia also originated a $31.6 million HUD 221(d)4 construction loan for Latitude at Hammock Bay Apartments, a garden-style property to be built in Freeport, Fla. Senior Managing Director Kevin Kozminske said the transaction closed on April 30. 

The 40-year fixed-rate construction-to-permanent loan represented an 85 percent loan-to-cost ratio. 

The 232-unit proposed property will occupy a 13.9-acre site at 74 Great Bend Way in the Hammock Bay master-planned community’s town center.

Berkadia also sold The Residences at Mountain Lake, a 284-unit multifamily property in Stone Mountain, Ga. Senior Managing Directors Andrew Mays and Paul Vetter, Senior Director Judy MacManus and Director Matthew White represented both buyer Praxis Capital and seller Napali Capital LLC in the transaction.

The property sold for $21.9 million on April 9.