Berkadia secures $13.5 million in financing for Arlington apartments

Berkadia said Wednesday that it has arranged a $13.5 million loan for Clarendon Court, an apartment property in Arlington.

Senior Director Costa Canavos of the Richmond office secured the rehabilitation loan. The deal was completed on Nov. 18.

Berkadia worked with the Virginia Housing Development Authority (VHDA) and secured the loan on behalf of the limited partnership borrower, Clarendon Court Apartments LP, based in St. Louis, Mo. The developer and new owner is McCormack Baron Salazar, with whom Berkadia has a long working relationship.

“In this deal, U.S. Bank invested in the VDHA-provided low-income housing tax credits and offered equity to the developer in return,” Canavos said in a statement.  “As a result, McCormack Baron Salazar agreed that the property would remain affordable for tenants making 60 percent or less than the area’s median income for 30 years.”

Built in 1993, Clarendon Court is located at 3825 7th St. N., in the Ballston-Virginia Square neighborhood with access to Wilson Boulevard and N. Quincy St. The one-, two- and three-bedroom community offers on-site parking, walk-in closets, a playground and laundry facilities.

Berkadia, which offers a suite of services to multifamily and commercial proeprty clients,  is a joint venture of Berkshire Hathaway and Leucadia National Corp.