Pinnacle Construction & Development Corp. has landed $77.1 million in combined financing for two multifamily rental properties, one in Virginia and the other in West Virginia. The HUD financing was secured by Berkadia.
Located at 107 Community Way in Staunton, Va., Big Sky Apartments is a three-story, 135-unit property featuring one-, two- and three-bedroom floorplans. Features of residences include in-unit washers and dryers, air conditioning and walk-in closets. A fitness center is among the property’s amenities.
Location benefits of Big Sky Apartments include access to retail and dining along Richmond Ave., as well as to Interstate 81 and Betsy Bell Wilderness Park. Berkadia arranged the $32.7 million in permanent refinancing through a HUD 223(f) loan featuring a 2.7 percent interest rate and an 80 percent loan-to-value ratio.
“We began the application process for Big Sky during the height of COVID-19 restrictions,” Amy Gay, director for Berkadia Richmond, told Multi-Housing News.
“Residents of the facility were nervous about letting inspectors into their units and HUD allowed us to file the application under the COVID FAQs, which allowed for less than the minimum unit density inspection requirement,” she added. “However, before we could close the loan, we had to obtain the required unit density inspection. This cause a delay in closing, but working with the wonderful property management group and our third-party inspectors helped us overcome this hurdle.”
Washington Landing will be situated in Charles Town, W.Va. The 196-unit apartment community will offer one-, two- and three-bedroom floorplans. Community amenities will include a swimming pool. Berkadia secured the $44.4 million in construction financing through a HUD 221(d)(4) loan featuring a 2.9 percent interest rate and an 85 percent loan-to-cost ratio. Senior Director Stephen Murden, along with Gay, secured the financing.