January 10, 2017
Denstock Real Estate Investments, based in Charlottesville, VA, secured a $34.1 million loan for its 264-unit multifamily asset, Stone Creek Village Apartments. The money is being used to refinance existing debt on the property. Steve Murden with Berkadia secured the HUD loan.
Stone Creek Village Apartments is at 365 Stone Creek Point. The complex offers one, two and three-bedroom units, ranging in size from 814 to 1,706 square feet. Monthly rents are between $1,089 and $1,709, according to the property website. Amenities include a fitness center, business center, outdoor swimming pool, a one-acre pond, basketball courts and putting greens, and trails.
The 35-year loan carries a 3.25% interest rate, and provides a debt service savings of approximately $216,000 annually.
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