Berkadia Secures $36.6M HUD-Insured Construction Loan for Hampton Roads Multifamily Project
NEWPORT NEWS, VA. — Berkadia has secured $36.6 million in HUD-insured construction financing for Huntington Pointe Apartments, a 176-unit multifamily project in the Hampton Roads city of Newport News. Amy Gay and Stephen Murden of Berkadia secured the loan on behalf of the borrower, Virginia-based The Breeden Co. The 40-year HUD 221(d)(4) loan was financed through the HUD Green MIP Reduction program and features a fixed 3.36 percent interest rate and an 85 percent loan-to-cost ratio.
Designed by Humphreys & Partners Architects, Huntington Pointe will offer one-, two- and three-bedroom floor plans in one elevator building and two carriage-style, walk-up buildings. Community amenities will include a swimming pool, clubhouse with a clubroom, kitchen, business office and a fitness center.
Located at 903 Denbigh Blvd., the property is situated about two miles from Newport News/Williamsburg International Airport and 30 miles from Norfolk.Read Publication