Richmond Development Scores $40M Construction Loan
Berkadia arranged the financing on behalf of the developer, HHHunt Corp. First units will be available for occupancy by summer of 2018, and the community will be completed next summer.
By IvyLee Rosario
Abberly at CenterPointe, a new apartment community being built in the CenterPointe mixed-use development in Midlothian, Va., secured $39.7 million in construction financing. Berkadia’s Senior Managing Director David Blake and Senior Director Steve Murden, of the Richmond office, arranged the FHA 221(d)(4) loan.
The permanent loan will feature a fully amortizing 40-year fixed-rate of 3.8 percent after the 26-month construction term. Since the project design qualified as green and energy efficient, the mortgage insurance is reduced to 25 basis points for the full loan term.
Developed by HHHunt Corp., Abberly will offer one,- two- and three-bedroom units. Interior features include nine-foot ceilings, gourmet kitchens, high-end cabinetry, walk-in closets and spacious living areas. Located at 1900 Brandermill Parkway, the community provides amenities such as a luxury clubhouse, a dog park, a playground and an outdoor swimming pool with a grill and entertainment area on the pool deck. First units will be available for occupancy by summer of 2018 and should be fully completed by mid-2019.
“HHHunt has designed a unique community in the marketplace to meet the expectations of discerning renters that desire elevator access to very spacious units with high-level finishes,” Murden told Multi-Housing News. “The residents will enjoy a resort-style atmosphere as they relax in the clubroom solarium overlooking the beautiful swimming pool area surrounded by the U-shaped manor building.”
Rendering courtesy of Marvin Waters of Winks Snowa Architects