FINANCED
Berkadia Arranges $27.7M Equity Loan For Montage At Marquis Apartments In Williamsburg, VA
1200 Marquis Parkway
Development Site
Financed 1 year ago
Summary
Loan
VIRGINIA
Development Site
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.
Players
All
5
Agents
3
Agencies
1
Lenders
1
Details
FINANCED
IMAGE: Chinmay Bhatt, Noam Franklin & Cody Kirkpatrick
DATE: 09/27/2022
ADDRESS: 1200 Marquis Pkwy
MARKET: Williamsburg, VA
ASSET TYPE: Development Site
LENDER: Citizens Bank
LANDLORD: GW Real Estate Partners
BROKERS: Noam Franklin (@Noaminthe954), Cody Kirkpatrick & Chinmay Bhatt - Berkadia (@Berkadia)
LOAN AMOUNT: $48,000,000
LOAN TYPE: Equity
LOAN TERMS: Berkadia arranged $27.7M.7 in equity for the project
NOTE FROM BROKER: Berkadia JV Equity & Structured Capital, led by Noam Franklin, Cody Kirkpatrick and Chinmay Bhatt, sourced $27.7.7 million in equity for the development of "Montage at Marquis Apartments." The 265 unit, garden style project is slated for delivery in May 2024.
Over the past 12 months, Berkadia JV Equity & Structured Capital, has successfully sourced the equity on 63 transactions with a focus on the housing space. Since the team was launched at Berkadia in 2019, the team has arranged the equity for over 20,000 multifamily/build-for-rent units and student housing beds across 21 states.View on map
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