Washington, DC-Area Community Lands $93M Loan
- Aug 05, 2019
Foulger-Pratt has secured a $92.7 million refinancing package for Woodbridge Station, an apartment community in Woodbridge, Va. A team from Berkadia’s Washington, D.C., office arranged the funding through Fannie Mae. The loan features a seven-year interest-only period, with a rate below 3.5 percent and 70 percent LTV ratio.
Woodbridge Station is located at 1400 Eisenhower Circle, in a designated opportunity zone. The garden-style community comprises 250 two-bedroom, 175 three-bedroom and 175 four-bedroom units, ranging from 906 to 1,383 square feet. Constructed in 1999, the property’s 23 buildings occupy just over 44 acres. Common-area amenities include tennis and basketball courts, a swimming pool, playground, picnic area, storage units, dog park, as well as jogging and hiking trails. According to Yardi Matrix, Woodbridge Station is 97 percent occupied as of June, while monthly rents average $1,700.
The nearby area features several shops and restaurants along Jefferson Davies Highway, situated adjacent to the property. Several natural preserves are located within minutes, such as the Occoquan Bay National Wildlife Refuge or the Featherstone National Wildlife Refuge. Interstate 95 is also nearby, while downtown Washington, D.C., is 24 miles away.
According to county records, Foulger-Pratt acquired the property in 2011, when it also became subject to a CMBS loan in the amount of $61.5 million, arranged by CBRE Capital Markets. According to Berkadia Director Jonathan Pratt, the current financing package will be primarily used to update energy efficiency by at least 30 percent, but will also fund other general interior and exterior improvements at Woodbridge Station.