Development Underway for OREI Community in Montgomery
Berkadia secured a $35 million construction loan for a property expected to be ready in mid-2026.
Berkadia has secured a $34.8 million construction loan for The ONE at Montgomery, a new 264-unit, garden-style multifamily development that is underway in Montgomery, Ala. The project is scheduled to open in mid-2026.
Synovus Bank provided the floating-rate loan at a 65 percent loan-to-cost ratio.
Berkadia Miami office Managing Director Brad Williamson and Vice President Patrick Johnson, along with Senior Managing Director Mitch Sinberg and Managing Directors Scott Wadler and Matt Robbins, secured the financing on behalf of the sponsor, Miami-based One Real Estate Investment, led by Jeronimo Hirschfeld, Bob Barton and Thomas Kochak.
The ONE at Montgomery, located at 10510 Chantilly Parkway, has 96 one-bedroom units, 132 two-bedroom units, and 36 three-bedroom units ranging from 827 to 1,254 square feet. A fitness and yoga studio, pool, pool cabana and sauna, golf simulator, and multiple dog parks are among its amenities.
An on-ramp to the I-85 is three quarters of a mile North, while Downtown Montgomery is 10 miles to the west.
OREI’s other endeavors
Other OREI communities near Memphis and Columbia, SC recently received financing secured by Berkadia. The developer has built a portfolio of more than 11,500 apartments throughout the Sunbelt since its founding in 2001.
The ONE at Millington, a 360-unit garden-style development in Memphis submarket Millington, Tenn., secured a $46.8 construction loan. The community is expected to open in the first quarter of 2026.
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In April, the OREI’s The ONE at Columbia, a 360-unit, three-story garden-style property about 15 miles from downtown Columbia and the University of South Carolina, received a $52 million construction loan. The community is expected to open this fall.
About 100 miles southeast of Columbia in Greenville, work is underway on Tanner Road, a 461-unit community for owner and manager Flournoy Development Group. It is scheduled to open in March 2027.
And in Charleston, SC, a 169-unit luxury single-family rental project has been financed by Madison Capital Group through $16 million in preferred equity.
