Peaceful Village

Case Study: Affordable Housing

Property Info

Property Type: Affordable Housing

City, State: Chesapeake, Virginia

Lender: Freddie Mac

Loan Amount: $8.5 million

Transaction Type: Mortgage Banking

Purpose: Acquisition Rehab

Units: 65

Property Objectives

Fairstead sought to maintain affordable rent structures based on tenant income, ensuring quality housing for families with incomes ranging from extremely low to 60% of the Area Median Income (AMI). With the loan, they will make significant in-unit improvements and exterior upgrades to modernize the 65-unit affordable housing community including the construction of a new 2,500-square-foot community center to serve as a hub for resident engagement and services.

Berkadia Solution

Berkadia, in partnership with Freddie Mac, provided $8.5 million of debt financing to support the renovation project, ensuring the financial viability of the comprehensive upgrades. Berkadia Worked alongside Fairstead, CRHA, U.S. Bank, and other financial partners to facilitate the RAD/Section 18 conversion.

Client Results

The renovation will deliver modernized residential units with energy-efficient appliances, contemporary interiors, and improved building exteriors, elevating the living standards for residents. Peacefull Village’s new community center will provide essential services, including a computer lab, ADA-accessible laundry room, and leasing office, fostering a sense of community and support. The project reinforces Fairstead’s commitment to preserving affordable housing, ensuring that families in Chesapeake have access to stable, quality homes.

Berkadia Affordable Housing

Partnering with Berkadia Affordable Housing comes with our promise to provide clear and steady guidance from start to finish. Whether you’re looking to preserve and enhance existing affordable homes or create beautiful new properties, we look forward to partnering with you on this vital mission.

Learn more about Berkadia Affordable Housing.

Learn More

Client Stories

Sunburst
Apartments

Berkadia is dedicated to leading the digital transformation of commercial real estate with investments in technology like Esusu, a rent-reporting platform created to build tenants’ credit. Multifamily property owners who implement Esusu can decrease evictions and vacancies and maximize NOI. As partners, Berkadia borrowers may receive closing cost credits and discounted rates.

Read More

551 W PRENTICE AVE

As Freddie Mac’s #1 Optigo® Lender and Fannie Mae’s #2 DUS Producer, Berkadia Small Loans is skilled in navigating GSE programs to find the best loan executions for our clients. Though the lending landscape continues to evolve, agency small loan executions remain one of the best options for investors who recognize the value of optionality and take advantage of rate locking.

Read More

Credit facility executions allow borrowers to arrange flexible financing terms for a portfolio of properties on a cross-collateralized and cross-defaulted basis, with property addition, property release, property substitution, and borrow-up capabilities for all asset classes. Kairos Investment Management Company and Berkadia secured a $175 million credit facility backed by Fannie Mae.

Read More

We recently partnered with Freddie Mac and Spira Equity Partners to help rehabilitate and preserve 392 units of affordable housing for the residents of Brittany Bay Apartments. Brittany Bay has the most units of any community in a High Opportunity Area that Freddie Mac has financed.

Read More

The Fairfield Affordable Housing Preservation Fund is focused on acquiring rent and income-regulated affordable housing assets in markets throughout the U.S. The Fund is Fairfield’s first affordable housing-focused investment vehicle open to third party investors and will leverage Fairfield’s 20-year history of investing and managing LIHTC multifamily assets.

Read More

A lot with a vacant commercial building that’s fallen into disuse has been transformed into new housing for Los Angeles’ homeless community by development company and Berkadia partner, Aedis Real Estate Group. Berkadia originated $50 million in Freddie Mac’s TEL forward commitments that will finance Hope at Avalon, as well as two sister projects Hope on Broadway and Hope on Hyde Park.

Read More

JASA is a longtime Berkadia client and non-profit organization committed to the safety, health, and well-being of seniors. Recently, Berkadia financed $46M+ in loans for two JASA properties under the HUD 223(f) program. In addition to repairs and upgrades, the higher leveraged, low interest rate loans enabled JASA to allocate funds to programs benefiting their residents.

Read More