Berkadia Facilitates Sale of Brookhaven Portfolio
Nine multifamily assets in Brookhaven have changed hands recently, in a transaction managed by Berkadia.
By Balazs Szekely, Associate Editor
Berkadia recently completed a $75 million sale and financing for nine C-class multifamily assets located in Brookhaven. SP Brookhaven LLC, a partnership between a hedge fund and a local operator of undisclosed identity acquired the properties. The seller was Marquise at Brookhaven LLC of Atlanta.
The portfolio comprising 1,187 units was 98 percent occupied at the time of sale and the price represents around $63,000 per unit. A $61 million loan was used for the acquisition and small improvements on the properties and featured a 4.65 percent floating interest rate and full-term interest only. The three year facility was provided by Resource REI and represented 78 percent of total project costs.
Senior Directors Paul Vetter and Andrew Mays and Director Matt White Berkadia’s investment sales team represented the seller. Senior Managing Director Richard Levine of the firm’s mortgage banking team spoke for the buyer in the transaction and negotiated the financing.