Berkadia Completes Sale and Secures Financing for Multifamily Portfolio in Richmond, Virginia
Richmond, Virgina – January 3, 2025 – Berkadia announced today the sale and financing of The River Lofts at Tobacco Row, a five-property portfolio featuring loft and townhouse-style residences, comprising 742 units in Richmond, Virginia. This landmark transaction stands as the most significant real estate sale in Richmond this year, setting a new benchmark for the market. Berkadia’s DC Metro, Norfolk, and Richmond offices spearheaded the sales efforts, while the Philadelphia office led the financing efforts. Full deal participants are listed below.
The buyer was Boston-based West Shore. The deal closed on December 11.
“Closing this multimillion-dollar deal for historical multifamily properties in Richmond’s prime urban area was a testament to the dedication and collaboration of both the buyer and seller,” said White. “Their commitment to preserving the city’s rich heritage while investing in its future made this transaction truly rewarding.”
The River Lofts at Tobacco Row consists of five prime value-add multifamily properties in Richmond, Virginia’s storied Shockoe Bottom area:
- Cameron Kinney – 259 units located at 2400 E Carey Street.
- American Cigar Lofts – 174 units located at 2302 E Carey Street.
- Consolidated Carolina Lofts -166 units located at 2220 E Cary Street.
- Lucky Strike Lofts – 131 units located at 2600 E Carey Street.
- Cutters Ridge Townhomes – 12 units located at 2605-2627 E Main Street.
River Lofts at Tobacco Row boasts a prime location in one of Richmond’s most historically significant and desirable neighborhood. Renowned for its charming herringbone brick sidewalks, the area offers an array of upscale dining, shopping, and entertainment options. Designed to embody the live-work-play lifestyle, these properties are perfectly suited for young professionals.
The properties offer unique architectural touches with highlights including exposed brick walls, wooden beams, and other exquisite features that appeal to the urban resident. Four of the five properties – Cameron Kinney, American Cigar, Consolidated Carolina, and Lucky Strike Lofts – are historic readaptations of their original warehouse uses that were converted between 1991 and 2008.
The sales efforts were led by Senior Managing Director Drew White, Managing Director Carter Wood, and Director Cole Carns, while the financing efforts were expertly directed by Senior Managing Director Robert Falese, Associate Director Jake Adoni, and Senior Real Estate Analyst Kris Khadar.