Berkadia is proud to announce that it has secured financing for Emerald Point Apartments & Townhomes, an 863-unit multifamily property located in Virginia Beach, Virginia. Patrick McGlohn, Miles Drinkwalter, and Patrick Cunningham of Berkadia DC Metro secured $81.284 million in permanent refinancing on behalf of the sponsor, The Breeden Company.
“We are thrilled to work with The Breeden Company on the financing of Emerald Point, for the second time in the past decade,” said McGlohn. “The Breeden Company has done an incredible job creating value for its investors over the life cycle of owning the community, while providing homes for so many Virginia Beach residents. This is yet another example of why they are one of the premier property managers and owners of multifamily properties in the region.”
“We are pleased to have closed another transaction with Berkadia,” said Jake Marshall, The Breeden Company’s Vice President of Acquisitions and Development. “They are able to leverage their banking relationships to provide competitive financing in an ever-evolving market. The Emerald Point transaction proves the Hampton Roads market is very healthy and competitive in the multifamily realm.”
Located at 2100 Westminster Lane, Emerald Point features studio-, one-, two- and three-bedroom floor plans with in-unit washers and dryers and private patios or balconies in select units. Community amenities include a swimming pool, a fitness center, three tennis courts, a playground, a clubhouse and a conference/activity room. Residents are afforded convenient access to Sentara Virginia Beach General Hospital, Virginia Aquarium and Marine Science Center, Virginia Beach Sports Center and the shops and restaurants near the Virginia Beach Oceanfront.
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 http://www.berkadia.com/.
ABOUT THE BREEDEN COMPANY
Nationally recognized, with more than 60 years of expertise in every facet of the industry, The Breeden Company is a vertically integrated real estate development organization that boasts market-leading divisions including commercial real estate, multifamily property management and general contracting. With a portfolio of over 25,000 apartments and 2 million square feet of retail and office that have been owned, managed and developed, The Breeden Company is one of the premier real estate development firms in the country. Breeden Realty is one of the top commercial real estate firms in Virginia (Virginia Business, 2022); Breeden Property Management is one of the top multifamily property management firms in the country (Multi-Housing News, 2022); Breeden Construction, the much-acclaimed multifamily general contractor for numerous third-party clients, is one of the top multifamily builders in the country (Multi-Housing News, 2022).
For more information regarding The Breeden Company, visit www.thebreedencompany.com.
