Dealmaker: Berkadia Completes Transactions for Virginia Multifamily Property

(Image courtesy of Berkadia)

Berkadia, New York, completed a $38.5 million sale of a multifamily property in Norfolk, Va.

Senior Managing Director Drew White of Berkadia DC Metro, Senior Director Carter Wood of Berkadia Norfolk and Director Cole Carns of Berkadia Richmond led the transaction on behalf of the seller, Enterprise Community Development, a top nonprofit owner and developer of affordable homes in the Mid-Atlantic.

The buyer was Raleigh, N.C.-based Fulton Peak Capital, and the transaction closed on Dec. 20.

Additionally, Senior Managing Director Patrick McGlohn, Managing Director Brian Gould, Senior Director Miles Drinkwalter of Berkadia DC Metro and Senior Director Hunter Wood of Berkadia Richmond secured $25.5 million of Fannie Mae acquisition financing on behalf of Fulton Peak Capital.

The property, Woodmere Trace Apartment Homes, has 300 units and was renovated in 2014.