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Investor appetite for suburban multifamily properties has been strong, but Foulger-Pratt decided to hold onto a 600-unit Northern Virginia property and place new debt on the asset.
The developer secured a seven-year, $92.7M Fannie Mae loan for the Woodbridge Station community in a deal that closed July 31.
Berkadia's Jonathan Pratt and Rossana Bouchaya arranged the loan with an interest rate below 3.5% and a 70% loan-to-value ratio, Berkadia said in a release. The debt refinances Foulger-Pratt's previous loan, which still had three years left until maturity.
Foulger-Pratt has been an active seller in the suburban multifamily market this year, selling a three-property Prince George's County portfolio and an Alexandria apartment community for $53M. While there was investor interest in buying this property, Pratt said the developer decided not to sell.
"[Woodbridge] is a really hot market; people are chasing really large transactions down there," Pratt said. "This is a great property that's getting solid rents and is cash-flowing quite well, so they just wanted to hold onto it."
The 600-unit community has amenities including a swimming pool, multiple playgrounds, a tennis court, a dog park and a picnic area. Pratt, the brother of Foulger-Pratt CEO Cameron Pratt, said the owner is also bullish on the submarket in which the asset is located.
At 1400 Eisenhower Circle in Woodbridge, it sits near the intersection of Route 1 and Prince William Parkway, roughly a mile from the Woodbridge VRE station.
"They like where it's located in Woodbridge," Pratt said. "They're long on this market and this property, and they're making a long-term commitment to the asset."
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