Berkadia Arranges $27.7M Equity Loan For Montage At Marquis Apartments In Williamsburg, VA

The development site located at 1200 Marquis Pkwy in Williamsburg, VA has secured a $48,000,000 equity loan for the "Montage at Marquis Apartments" project. The loan was facilitated by Citizens Bank and arranged by Berkadia. The project, spearheaded by GW Real Estate Partners, is set to consist of 265 garden-style units and is scheduled to be completed in May 2024.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $48,000,000
• Lender: Citizens Bank
• Landlord: GW Real Estate Partners

Noam Franklin, Cody Kirkpatrick, and Chinmay Bhatt from Berkadia played a crucial role in securing the equity loan. Berkadia JV Equity & Structured Capital, led by Franklin, Kirkpatrick, and Bhatt, sourced a total of $27.7 million in equity for the project, leveraging their expertise in the housing space. This marks their successful contribution to 63 similar transactions within the past year. The team at Berkadia has arranged equity for over 20,000 multifamily/build-for-rent units and student housing beds across 21 states since its inception in 2019.