Berkadia secures $34 million in financing for multifamily property
Berkadia’s Richmond office said Wednesday that it has arranged a $34.1 million loan for Stone Creek Village Apartments, a 264-unit multifamily property in Charlottesville.
Senior Director Steve Murden secured the HUD loan, which was used to refinance existing debt on the property. The deal was completed on Nov. 28.
The borrower is Stone Creek Apartments LP, based in Virginia. The 35-year loan features a 3.25 percent interest rate and provides a debt service savings of about $216,000 annually.
Stone Creek Village Apartments is located at 365 Stone Creek Point. Amenities include an onsite creek, a pond, mountain views and landscaped walking trails. The community is close to Charlottesville’s downtown and the University of Virginia Medical Center.