Dealmaker: Berkadia Closes $90M in Multifamily Transactions

Berkadia closed two multifamily transactions totaling $90.4 million in Virginia and Massachusetts.

In Richmond, Va., Berkadia sold River’s Edge at Manchester, a 212-unit Class A high-rise property. Senior Managing Director Drew White of the firm’s Washington, D.C. office and Director Carter Wood of the Richmond office completed the $47.5 million loan assumption sale on behalf of the seller, an investor group including Richmond-based CMB Development and Purcell Construction, as well as Charlottesville-based Woodard Properties and Hampshire Investments. The buyer was Colorado-based Four Mile Capital. The acquisition closed on April 16.

Located at 505 Porter St., River’s Edge at Manchester overlooks the James River and downtown Richmond. It has one-, two- and three-bedroom open floor plans and a saltwater swimming pool. The property is close to Interstate 95 and within walking distance to Richmond’s central business district.

In Chestnut Hill, Mass., Berkadia secured $42.9 million in permanent refinancing for garden-style property Hancock Estates on behalf of local borrower Chestnut Hill Realty.

Managing Director Robert Lipson of Berkadia’s Shrewsbury, N.J., office closed the deal on March 26. The 15-year Freddie Mac loan included a lengthy interest-only period followed by a 30-year amortization schedule.

Located at 200 Estate Drive in Chestnut Hill, Hancock Estates has one- and two-bedroom open floor plans 10-foot ceilings and a full-time concierge on site.