{"id":1004124525,"date":"2015-08-04T02:48:08","date_gmt":"2015-08-04T10:48:08","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=356978"},"modified":"2021-05-15T01:32:06","modified_gmt":"2021-05-15T09:32:06","slug":"berkadia-secures-financing-for-hampton-roads-multifamily-projects","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/berkadia-secures-financing-for-hampton-roads-multifamily-projects\/","title":{"rendered":"Berkadia Secures Financing For Hampton Roads Multifamily Projects"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<div id=\"attachment_356979\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/6f8035_36776eb922664a55a480479d3f0384a9.png_srz_p_586_340_75_22_0.50_1.20_0.png\"><img decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-356979\" title=\"Harbor Vista at Crawford Street \" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/6f8035_36776eb922664a55a480479d3f0384a9.png_srz_p_586_340_75_22_0.50_1.20_0.png\" alt=\"Harbor Vista at Crawford Street\" width=\"300\" height=\"174\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Harbor Vista at Crawford Street<\/p>\n<\/div>\n<p style=\"text-align: justify\">Good news for <a href=\"https:\/\/www.thebreedencompany.com\" rel=\"nofollow\">The Breeden Co.<\/a> The developer has recently managed to secure two loans worth a combined $43.4 million to finance the construction of two multifamily projects in the Hampton Roads area.<\/p>\n<p style=\"text-align: justify\">Senior Managing Director David Blake of <a href=\"https:\/\/www.berkadia.com\/\" rel=\"nofollow\">Berkadia<\/a>\u2019s Richmond office helped Breeden secure the two FHA loans through the U.S. Department of Housing and Urban Development. Effective since June 11, both deals feature a 3.6 percent fixed interest rate and an 83.3 percent loan-to-cost ratio, and include a 40-year amortization schedule.<\/p>\n<p style=\"text-align: justify\">Breeden borrowed the money for the construction of the Eagle Harbor West and the Harbor Vista at Crawford Street developments. The first project, located at 13420 Smith Neck Road in Carrolton, received a $26.2 million loan. Plans call for 208 one- and two-bedroom units in the area. Breeden intends to start building Eagle Harbor West in the fall of 2016.<\/p>\n<p style=\"text-align: justify\">\u201cWe requested and obtained permission for an Early Start approval for construction on Eagle Harbor West, allowing for conditions of the wetland permit to be met as adjacent construction was already taking place. Additionally, the application to was processed as a single application, which saved time for all parties involved,\u201d David Blake said in a prepared statement.<\/p>\n<p style=\"text-align: justify\">Brian Revere, president of Breeden, added that Berkadia \u201cassisted us in obtaining an Early Start approval \u2013 which enabled limited construction activities onsite prior to the loan closing. The Early Start was instrumental in maintaining our construction schedule.\u201d<\/p>\n<p style=\"text-align: justify\">Harbor Vista at Crawford Street will be located at 800 Crawford Street in Portsmouth. This community will also be delivered through 2016 and is expected to include 134 units. Breeden secured a $17.2 million loan for its construction.<\/p>\n<p style=\"text-align: justify\">\u201cHarbor Vista at Crawford Street has been a long anticipated component in the revitalization of Portsmouth,\u201d added Terry Marshall, Breeden\u2019s CEO.  \u201cWhile all parties were eager for the project to begin, there were a few key issues that Berkadia helped The Breeden Company successfully overcome to achieve the closing of the HUD insured mortgage.\u201d<\/p>\n<p style=\"text-align: justify\"><em>Photo credit: The Breeden Co.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plans are moving forward for two multifamily projects in the Hampton Roads area.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36153],"tags":[],"class_list":["post-1004124525","post","type-post","status-publish","format-standard","hentry","category-richmond-hampton-roads"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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