RICHMOND, Va. – May 6, 2019 – Berkadia today announced $48 million in financing for Kingsley Commons, a multifamily garden-style property in Falls Church, Virginia. Managing Director Donald Marshall of Berkadia’s Richmond office secured the loan on behalf of Washington, D.C.-based Chesapeake Management Group. The deal closed on April 25.
The low-leverage Freddie Mac loan features a 4.04 percent interest rate with interest-only payments over the full 10-year loan term.
“Kingsley Commons is a well-managed, exemplary property with dedicated ownership that consistently reinvests in the community. Through upgrades, improvements and programs to enhance the housing experience for its residents, the property ensures high occupancy rates and extremely low turnover,” said Marshall.
Located at 7308 Arlington Blvd., the 404-unit project offers spacious, updated two- and three- bedroom townhouse-style floor plans with private fenced patios, modern fully-equipped kitchens, hardwood flooring in the living areas and attics for extra storage. Through its non-profit affiliate, Arlington Boulevard Community Development Organization, Kingsley Commons hosts a fully-staffed computer learning center for all age children and their families, as well as a Family Resource Center with activities such as a youth soccer club, homework help, summer camps and English classes.
“Kingsley Commons provides quality, affordable housing for families with a desirable, inside-the-Beltway location,” added John Freeman, the ownership representative.