Berkadia Closes $65M Freddie Mac Loan for NoVA Apartments Acquisition

Bridge Investment Group has secured $65 million of acquisition financing for the purchase of a multifamily property in Northern Virginia, Commercial Observer has learned.

Berkadia originated the five-year, Freddie Mac-backed, fixed-rate loan for Bridge’s acquisition of the 409-unit Misty Ridge complex in Woodbridge, Va., 25 miles south of Washington, D.C. The deal was originated by a Berkadia team of Mitch Sinberg, Chris Ellis, Matt Robbins, Scott Wadler and Brad Williamson.

“As the D.C. metro continues to expand southward, renovated and well-amenitized communities like Misty Ridge are outperforming,” Williamson said in a statement. “Bridge Investment Group recognized the strength of this submarket early, and this loan will support their plans to enhance an asset that resonates with today’s renters.”

The purchase price and seller information could not be immediately gleaned. 

Located at 1989 Delaware Drive, the 1989-built Misty Ridge consists of 152 one-bedroom apartments and 257 two-bedroom units that were recently renovated, according to Berkadia. Community amenities include a fitness center, a clubhouse, a coffee bar, a business center, a swimming pool, a grilling station, a fire pit and a dog park.  

Bridge Investment Group did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.