Berkadia Lines Up $34M Refi for Richmond Asset
The firm worked on behalf of Stone Creek Apartments to arrange a HUD loan for the 264-unit property.
Richmond—Berkadia has secured a $34.1 million loan for Stone Creek Village Apartments, a luxury apartment community in Charlottesville, Va. The HUD loan was secured by Steve Murden, senior director at Berkadia Commercial Mortgage, on behalf of Virginia-based Stone Creek Apartments LP. The borrower used the funds to refinance the existing debt on the property.
Located at 365 Stone Creek Point, the 264-unit community features two- and three-bedroom units with walk-in closets, ceiling fans, Whirlpool appliances and built-in microwaves. Amenities include onsite creek, one-acre pond, landscaped walking trails, a fitness center, a 7,000-square-foot clubhouse and a swimming pool. Stone Creek Village offers convenient access to Charlottesville’s downtown and the University of Virginia Medical Center.
The 35-year loan has a 3.25 percent interest rate and provides debt service savings of roughly $216,000 per year.
Image courtesy of stonecreekvillageapts.com