Berkadia Arranges $81.3M Financing For Virginia Beach's Emerald Point Apartments & Townhomes

Emerald Point Apartments & Townhomes is an 863-unit multifamily property located at 2100 Westminster Lane, Virginia Beach, VA. The property features a variety of unit configurations including studio, one, two, and three-bedroom layouts. Community amenities include a swimming pool, fitness center, three tennis courts, playground, clubhouse, and conference/activity room.

Summary of transation details:

• Property Type: MultiFamily
• Transaction Amount: $81,300,000.00
• Address: 2100 Westminster Ln, Virginia Beach
• Borrower's Representative: Miles Drinkwalter (Berkadia), Patrick Cunningham (Berkadia), Patrick McGlohn (Berkadia)
• Lender: Undisclosed Institutional Investor

The Breeden Company, a Virginia Beach-based real estate developer, has secured the refinancing for Emerald Point Apartments & Townhomes. This transaction marks the second refinancing of the property in the past decade, highlighting the ongoing financial dealings between Berkadia and The Breeden Company as noted by Patrick McGlohn. The property is conveniently located near various local attractions, including Sentara Virginia Beach General Hospital and the Virginia Aquarium and Marine Science Center.