Berkadia arranges nearly $40 million in financing for Midlothian apartments

Berkadia has arranged $39.69 million in construction financing for Abberly at CenterPointe, an apartment complex underway within the CenterPointe mixed-use development in Midlothian.

Senior Managing Director David Blake and Senior Director Steve Murden of Berkadia’s Richmond office arranged the FHA loan, which closed on April 20. The Berkadia team also worked with the developer, HHHunt Corp., earlier this year on the $58.06 million construction loan for Abberly Averra Apartments, a 336-unit multifamily project in Manassas.

After the 26-month construction phase, the permanent loan will offer a 40-year fixed-rate of 3.8 percent. Since the project design qualified as green/energy efficient, the mortgage insurance is reduced to 25 basis points for the full loan term.

HHHunt has begun construction on the property and expects to have the first units available for occupancy by the summer of 2018. The project should be finished by mid-2019.

Abberly at CenterPointe is located at 1900 Brandermill Parkway, which is close to Route 288. The elevator-served apartment buildings will have one-, two- and three-bedroom units with nine-foot ceilings and large walk-in closets. Other amenities include an outdoor swimming pool with a grilling and entertainment area on the pool deck, a dog park and a playground.