Berkadia Provides $42M Acquisition Financing for $65M Virginia Multifamily Asset

Seminole Trail Management has secured $41.9 million in acquisition financing for its purchase of Triton Glen, a 250-unit, Class-A multifamily community that opened last year in Richmond, Va., Commercial Observer can first report.

Seminole Trail purchased the asset from Silver Hills in a $65 million deal on Dec. 16. 

Berkadia provided Freddie Mac acquisition debt, while Berkadia’s Patrick McGlohn, Brian Gould, Hunter Wood, Patrick Cunningham and Mac Ritchie arranged the financing.

Berkadia’s Wood described the apartment complex in a statement as a “high-quality, well-located multifamily asset,” which is expected to benefit from demand emerging out of the strong employment fundamentals across the Richmond metropolitan region. 

“We were pleased to advise on both the sale and financing and to support our client’s continued expansion in the Richmond market,” he added.  

Located at 10945 Nuckols Road, Triton Glen sits within the heart of Innsbrook Corporate Campus — a 700-acre employment hub and office park near the capital of Virginia — and is only 20 minutes from the downtown corridor that features three universities: Randolph-Macon College, Virginia Commonwealth University, and the University of Richmond.

The apartment building features a mix of one- and two-bedroom units and features amenities such as a private clubhouse, a swimming pool, a fitness center, a conference room, a game room, while also being surrounded by miles of nature trails and at least three lakes.

Triton Glen stands five stories tall and opened in 2024. 

Seminole Trail Management did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com.