Berkadia announced today the financing of Grand Cypress, a 55-unit, limited-editiontownhome, and single-level flatcommunity located in the heart of Cypress Point championship golf coursein Virginia Beach, Virginia.Managing Director Laura Smithof Berkadia Chevy Chasesecured the financing on behalf of the non-profit owners, Virginia Beach Community Development Corporation (VBCDC). The deal closed on November 22.
VBCDC, through its subsidiary, Cornerstone Property Ventures, LLC., purchased Grand Cypress Apartments in 2016 to add to its portfolio of housing communities in Virginia Beach. VBCDC operates a continuum of housing options, ranging from subsidized units to workforce housing.
Smith secured the permanent fixed-rate, non-recourse financing insured by HUD.
“It was a pleasure working with VBCDC and their team,” said Smith. “Their commitment to providing housing options with modest rent levels is impressive. Our team at Berkadia was pleased to help them leverage this loan to allow completion of planned renovations and keep their loan payment low enough to allow them to continue to charge below market rents to the residents of Virginia Beach. It’s a ‘win-win’ for workforce housing in Virginia Beach!”
“Our group worked well with Laura and her team at Berkadia, providing us with a roadmap that addressed all of our Board requirements,” said Jessica Guglielmo, President and Chief Executive Officer of VBCDC. “This included assisting with sourcing an important bridge loan prior to working on our take-out loan submission with HUD. I’d recommend Laura and her team for their expertise, navigating us through much uncertainty, including working through a rising interest rate market.”
Grand Cypress was built in 1988 and featuresexpansive decks overlooking the manicured greens of the golf course. Nestled within this beautiful landscape, these stately English Country townhome and apartment residences offer two unique floor plans. Cypress Point is a community embraced by lakes and towering trees, and is minutes from schools, shopping, entertainment and more.
Property photos available upon request.
To learn more about Virginia Beach CDC, please visitwww.vbcdc.org
To learn more contact Laura Smith, please email her at laura.smith@berkadia.com
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.
