Berkadia Arranges $38M Metro Atlanta Refi
Corby Chaffin and Michael Weinberg secured the Freddie Mac loan for the 370-unit community in Norcross, Ga.
Berkadia has secured a $37.7 million Freddie Mac loan for the refinancing of The Reserve at Gwinnett, a 370-unit, garden-style community in Norcross, Ga. Senior Director Corby Chaffin and Managing Director Michael Weinberg arranged the 10-year, fixed-rate note at 65 percent loan to value on behalf of Broadtree Residential Inc. The multifamily REIT purchased the Class A property in 2018 for $51 million and was acquired by Benefit Street Partners this past February.
The Reserve at Gwinnett occupies almost 36 acres at 1780 Graves Road. The 1999-developed community has 14 buildings with one- to three-bedroom floorplans ranging from 959 to 1,555 square feet. Amenities include a fitness center, clubhouse, business center, resort-style swimming pool, grilling area, dog park and tennis court.
The property is roughly 17 miles northeast of downtown Atlanta, just south of Interstate 85. Gwinnett Village and downtown Norcross are both within a 4-mile radius of the community.
In early August, a Berkadia team including Weinberg arranged the $24 million refinancing of a 240-unit workforce housing community in Hinesville, Ga. The fixed-rate loan has five years of interest-only payments and a 70 percent loan to value.