Commercial mortgage firm Berkadia said it provided $41.02 million in financing for the Malvern Manor apartments.
The borrower was Virginia-based Malvern Manor Apartments LLC, and the deal closed on Aug. 31. Berkadia said. The 34-year permanent refinancing features a 3.95 percent interest rate and an 80 percent loan-to-value ratio.
The apartment complex at Malvern Avenue and West Cary Street in Richmond’s West End is owned by Henrico County-based Gumenick Properties.
A Richmond landmark since the late 1940s, Malvern Manor underwenta major renovation and an expansion of amenities, including a new clubhouse and swimming pool, about nine years ago.
Berkadia is a joint venture of Berkshire Hathaway and Jefferies Financial Group. Senior director Steve Murden and senior managing director David Blake of the Richmond office secured the loan.