Richmond, Virginia – April 29, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announced today that Senior Director Amy Gay of Berkadia FHA/HUD closed more than $115 million in HUD 221(d)(4) and HUD 223(f) loans in March. The five transactions—three refinances and two construction-perm financings—are located in Virginia and include three different sponsors.
“The busy month of March was a result of all the stars aligning after the government shut down in late 2025,” said Gay. “HUD Multifamily got back to work immediately and was a great business partner throughout the process. The shutdown also resulted in a lack of supply for Ginnie Mae buyers, so spreads tightened at the perfect time for rate locking all of these deals in Q1 2026. These closings were especially meaningful to me because they were all with first-time HUD borrowers. I’m honored to help clients navigate the HUD process and realize the value it can offer.
On March 13, Gay secured $39.25 million in construction-permanent financing for The Village at Bon Air, located at 9746 Midlothian Turnpike in Richmond, Virginia. The HUD 221(d)(4) loan was secured on behalf of Richmond-based Sauer Properties, Inc. to develop a 206-unit garden-style multifamily property.
On March 18, Gay secured refinancing through the HUD 223(f) program on behalf of Roanoke, Virginia-based Fralin Companies. The refinancing was secured for three garden-style multifamily properties:
- Westlake Apartments: $11.55 million refinancing | Hardy, VA
- River Retreat Apartments: $9.54 million refinancing | Covington, VA
- Madison Apartments: $11.40 million refinancing | Christiansburg, VA
At the end of the month, Gay secured $43.36 million in construction-permanent financing for Kingsborough Square Apartments, a to-be-built garden-style multifamily property located in Chesapeake, Virginia.