Redbrick Closes $129M Refi for Workforce Community
Berkadia arranged the financing.
Redbrick LMD has obtained a $129.4 million refinancing package for Amberleigh Apartments, a 752-unit workforce housing community in Fairfax, Va. The funding comprises a $113.8 million Freddie Mac loan and a $15.6 million preferred equity investment from an undisclosed provider.
Berkadia arranged the financing on behalf of the borrower.
Redbrick acquired the property in 2015 in a portfolio sale in partnership with David Werner Real Estate, according to Yardi Matrix information. Brookfield Properties sold three assets—2,175 units—to the partnership, for $402 million.
In 2022, Inova Health System acquired 35 acres north of its flagship hospital for $136 million, Commercial Observer reported. That transaction included the land for Amberleigh Apartments, but not the development.
READ ALSO: Workforce Housing Finance: It Takes a Village
Located at 8301 Anderson Drive, Amberleigh Apartments is close to Interstate 495 and 15 miles from downtown Washington, D.C. Dulles International Airport is within 18 miles.
The 1968-built community encompasses 38 buildings of two, three and four stories, spread across almost 35 acres. The unit mix consists of one-, two- and three-bedroom floorplans that range from 861 to 1,523 square feet. Apartments have private balconies or patios, as well as washers and dryers.
Common-area amenities include a fitness center, business center, clubhouse, playground and a swimming pool. The community also has two laundry facilities and about 1,500 parking spaces.
Berkadia Senior Managing Director Patrick McGlohn, Managing Director Brian Gould, Senior Director Miles Drinkwalter and Associate Director Natalie Hershey led the financing efforts on behalf of Redbrick LMD.
