Berkadia today announced that it has arranged a $34.16 million loan for Stone Creek Village Apartments, a multifamily property in Charlottesville, Virginia. Senior Director Steve Murden of the Richmond office secured the HUD loan, which was used to refinance existing debt on the property. The deal was completed on November 28th.
The borrower is Stone Creek Apartments LP, based in Virginia. The 35-year loan features a 3.25 percent interest rate and provided a debt service savings of over $216,000 annually.
“This is a fantastic apartment community, and we are extremely pleased to have had the opportunity to improve the long-term cash-flow for one of Berkadia’s most valued clients,” said Murden.
Stone Creek Village Apartments, located at 365 Stone Creek Point, offers the look and feel of a classic European village with the natural beauty of an onsite creek, a pond, dramatic mountain views and landscaped walking trails. The community is convenient to shopping, superb public and private schools, Charlottesville’s historic downtown and the University of Virginia Medical Center.