Berkadia Secures Nearly $15.8 Million in Construction Financing for Multifamily Property in Virginia

August 1, 2019

Berkadia Secures Nearly $15.8 Million in Construction Financing for Multifamily Property in Virginia

August 1, 2019
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RICHMOND, Va. – July 31, 2019 – Berkadia today announced the financing for the third phase of Windigrove Apartments, a garden-style multifamily property to be constructed in Waynesboro, Virginia. Director Amy Gay of Berkadia’s Richmond, Virginia office originated the $15.8 million construction-to-permanent loan through HUD. The borrower was Virginia-based Pinnacle Construction & Development Corp., and the deal closed on July 31.

The 221(d)(4) construction loan features a 4.13 percent interest rate and an 85 percent loan-to-cost ratio.

“It made sense to start construction on the third phase now due to the success of the first two phases and the continued low interest rates,” said Gay.

Windigrove Apartments will be constructed along Windigrove Road, affording convenient access to nearby Interstate 64, Waynesboro Golf and Country Club, Ridgeview Park, Shenandoah National Park and George Washington and Jefferson National Forests. Windigrove Apartments will offer one-, two and three-bedroom floor plans with garage and loft options for each unit type and will include all the amenities expected at a luxury multifamily property.