PHILADELPHIA – September 20, 2017 – Berkadia today announced the $47.9 million financing for the acquisition of Bennington Crossings Apartments, a 308-unit multifamily property in Alexandria, Virginia. Managing Director Jim Badolato and Associate Director Mike McKee of Berkadia’s Philadelphia office structured the financing through the firm’s partnership with Freddie Mac on behalf of Morgan Properties, based in King of Prussia, Pennsylvania. The 10-year loan carries a 4.12 percent fixed interest rate.
“Morgan Properties is an active buyer in Northern Virginia with a long-term commitment to this community. They have budgeted over $3.8 million in near-term capital to renovate and modernize the property’s units,” said Badolato. “Combine this with heightened local workforce housing demand, and it created an ideal lending opportunity for us and Freddie Mac.”
As part of the Greater Washington, D.C. area, Alexandria ranks as one of the best cities for millennials, according to Niche, and one of the most educated metros in the nation, according to WalletHub. The region is the second-most populated metro area on the East Coast, with a projected population growth of 5.4 percent over the next five years. Average apartment occupancy is projected to reach 95.9 percent by the end of 2018, part of a five-year sustained growth trend.
Bennington Crossings is a 1960’s-vintage garden community, set on 13.1 acres along North Armistead Street, between Beauregard Street and Interstate Route 395. In Alexandria’s Seminary Road submarket, the property affords convenient access to core employment centers, public transit and public schools. The property is near Mark Center, where Morgan Properties already owns a concentration of 2,664 apartment units and a neighborhood shopping center.
Morgan Properties owns over 45,000 units nationally and is actively expanding their footprint in target markets.