Upcoming VA Community Lands $24M Construction Financing
- Jun 19, 2017
Berkadia secured a $23.5 million financing package for The Adams at Peppers Ferry, a 168-unit community under construction in Christiansburg, Va. Senior Managing Director David Blake arranged the loan on behalf of Denstock Peppers Ferry, a subsidiary of Denstock Real Estate Investments. The 40-year loan was secured though Berkadia’s partnership with HUD and features a four percent fixed-rate interest rate and an 88.3 loan-to-value ratio.
Building in a Thriving Market
The property will be located within walking distance from the region’s main concentration of retail and less than two miles from the LewisGale Hospital. Additionally, the residential asset will also be in the vicinity of Blacksburg’s Virginia Tech campus.
“The borrower jumped at the chance to be involved in the development of this new property amid a thriving market. Our team worked closely with theirs to deliver the terms and rates they were seeking,” Blake said in prepared remarks.
Rendering courtesy of Denstock Real Estate Investments