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Berkadia, Berkshire Hathaway’s joint venture with Jefferies Financial Group, completed 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, Virginia 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.”
© 2024 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.