Berkadia Arranges the Sale and Secures Financing for Multifamily Property in Midlothian, Virginia
Richmond, Virginia – November 21, 2024 – Berkadia is pleased to announce the sale and financing of Commonwealth Apartments, a 234-unit, midrise luxury, Class A, garden-style multifamily property located in the thriving Chesterfield submarket of Richmond, Virginia’s metro area. Berkadia DC Metro, Norfolk, and Richmond represented the seller, CMB Development, and Berkadia DC Metro secured a $37.02 million Fannie Mae acquisition loan on behalf of the buyer, Atlanta-based Mesa Capital Partners. The full deal team is listed below.
“We are thrilled to have represented the seller in the successful sale of this 234-unit multifamily property in Richmond, Virginia,” said Drew White, Senior Managing Director of Berkadia DC Metro. “This transaction highlights the competitive nature of the market, and we are confident that this property will be a valuable asset for the buyer, offering significant growth potential and strong returns in this thriving community.”
“Our team is pleased to announce the successful closing of the financing for the acquisition of Commonwealth Apartments in Richmond, Virginia,” said Patrick McGlohn, Senior Managing Director of Berkadia DC Metro. “Our team canvassed the debt capital markets to secure the most favorable terms while navigating the complexities of the deal. We extend our sincere gratitude to Mesa Capital Partners for their trust and partnership. It has been a pleasure working with them on this acquisition, and we look forward to future collaborations.”
Located at 5401 Commonwealth Centre Parkway in Midlothian, Virginia, the property was specifically designed to offer residents the highest caliber of living, bolstered by its strategic location in Chesterfield County. Comprised of 234 luxury units, Commonwealth Apartments is a distinct rental community with a top-flight amenity package. From smart home features to open-concept floor plans, a gaming lounge, and a 24/7 fitness center, Commonwealth Apartments has something for every renter. The property was constructed in 2022.
The Berkadia deal team consisted of Senior Managing Director Drew White, Managing Director Carter Wood, and Director Cole Carns who represented the seller. The financing efforts were led by Senior Managing Director Patrick McGlohn, Managing Director Brian Gould, Senior Directors Miles Drinkwalter and Hunter Wood, and Associates Patrick Cunningham and Natalie Hershey.
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