Blake of Berkadia Commercial Mortgage secures more than $23 million in financing for development of
Christiansburg, VA — Berkadia Commercial Mortgage LLC announced the $23.54 million financing of The Adams at Peppers Ferry, a multifamily property that will be built in Christiansburg. Senior managing director David Blake of the Richmond office arranged the 221(d)(4) through Berkadia’s partnership with HUD on behalf of Denstock Peppers Ferry LLC. The 40-year loan features a 4 percent fixed interest rate and an 83.3 loan-to-value ratio.
“The borrower jumped at the chance to be involved in the development of this new property amid a thriving market,” Blake said. “Our team worked closely with theirs to deliver the terms and rates they were seeking.”
The Adams at Peppers Ferry’s location in Christiansburg positions it on the perimeter of Blacksburg’s bustling Virginia Tech campus. The 168-unit property is also conveniently located within proximity to the region's largest concentration of retail and the LewisGale Hospital Montgomery.