Denstock Lands $35M Financing for Virginia Project
The HUD 221(d)(4) loan will support the construction of 135 units.
Denstock has secured $35.4 million in construction financing for the development of Meadow Branch’s second phase, a garden-style community in Winchester, Va. Berkadia arranged the 40-year HUD 221(d)(4) loan with a 2.8 percent interest rate and an 85 percent loan-to-cost ratio on behalf of the borrower.
The 135-unit second phase will encompass one- to three-bedroom floorplans. Common-area amenities will include a pool, business center, fitness center, clubhouse and private theater. Each residence will offer in-unit washers and dryers and stainless steel appliances. Similar to Phase 1, the expansion will also feature elevatored buildings.
Located at 424 Ridgewood Lane, Meadow Branch is less than 1 mile south of Winchester Medical Center. A Walmart Supercenter is less than 2 miles northwest of the property, while Old Town Winchester, with its several dining, shopping and entertainment options, is some 2 miles east.
Director Amy Gay, along with Senior Managing Director David Blake and Senior Director Stephen Murden formed the Berkadia Richmond team that secured the loan. In 2017, Phase 1 of Meadow Branch was also financed using the HUD 221(d)(4) program, Gay said in prepared remarks.