Berkadia announced today the financing of Vanguard Landing, a 128-bedroom community to be developed in Virginia Beach, Virginia. Senior Managing Director John Reed of Berkadia Richmond and Managing Director John Richards of Berkadia Norfolk secured $31.85 million in construction/permanent financing through Virginia Housing Development Authority on behalf of the non-profit developer, Virgina Beach-based Vanguard Landing, Inc. The deal closed on April 29.
The 40-year loan featured a 6.25 percent permanent interest rate and a 40-year amortization schedule.
“This is a ‘first of its kind’ development in the Commonwealth of Virginia and thus the first property financed by Virginia Housing,” said Reed. “This fact alone presented some challenges for all parties involved throughout a very lengthy process. The fact that we were able to get this done testifies to the worthiness of this project, in addition to the perseverance of the Berkadia, Vanguard Landing, and Virginia Housing teams.
“At the end of the day, this development allowed Virginia Housing to fulfill one of its missions to provide housing for individuals with intellectual and developmental differences and will be the first of its kind in Virginia, and we are proud to present this opportunity to them,” said Richards. “We look forward to the Vanguard team getting the project built and completed and perhaps working with them on additional like-communities elsewhere in Virginia.”
Located at 2016 Princess Anne Road, the property affords convenient access to area retail, employment centers, and healthcare. This first phase of Vanguard Landing is being developed at a cost of approximately $40 million and will feature The Gathering Point, the main hub and support building for the community with administrative office, class and recreation rooms, and a dining hall.
“The Vanguard Landing team and families cannot express enough gratitude to the exemplary teams at Berkadia and Virginia Housing for their professionalism, diligence, and support through this challenging process. They have gone above and beyond to help this very deserving population,” said Debra Bond Dear, Founder and Executive Director of Vanguard Landing.
Vanguard Landing will be an intentional, planned community that aims to provide a safe and fulfilling living environment for individuals with intellectual and developmental differences and will be the first of its kind in Virginia. Vanguard Landing, a 501(c)(3) nonprofit, was established to address the lack of safe, innovative and fulfilling residential options for individuals with disabilities. For more information visit www.vanguardlanding.org.
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.
