ALEXANDRIA, VA. — Berkadia has secured $24.9 million in financing for the acquisition of The Tuscany Apartments, a mid-rise multifamily property in Alexandria. Jonathan Pratt of Berkadia’s Salt Lake City office secured the acquisition financing on behalf of the borrower, an affiliate of Maryland-based Advantage Properties Inc. and Cove Property Management LLC. An affiliate of CW Financial Services LLC participated in the acquisition as a joint venture equity partner.
The 10-year Freddie Mac loan features a floating interest rate, an approximately 70 percent loan-to-value ratio and a five-year interest-only period followed by a 30-year amortization schedule.
Located at 260 Yoakum Parkway, Tuscany Apartments features one- and two-bedroom floor plans with in-unit washers and dryers, walk-in closets and private patios or balconies. Community amenities include a clubhouse, fitness center and a pet playground. The property is close to Stevenson Park, Interstate 395 and the shops and restaurants along South Van Dorn Street.