Beachwold Secures $38M in Loans for Georgia, Orlando Deals
- Apr 25, 2019
Beachwold Residential has obtained financing totaling $37.9 million for the acquisition of a 76-unit community in Savannah, Ga., and the refinancing of existing debt on a 400-unit multifamily property in Orlando, Fla.
Through the transaction, Beachwold—which controls more than 15,000 multifamily units across the country—acquired Litchfield Place, located at 6301 Chief of Love Road in the Savannah suburb of Richmond Hill. Built in two phases between 2008 and 2014, the property features units averaging 1,119 square feet, across eight two-story buildings. Litchfield Place is situated 12 miles from Savannah College of Art and Design and 7 miles from Georgia Southern University—Armstrong Campus.
Beachwold also refinanced existing debt on The Place at Alafaya, which offers one- and two-bedroom units across 36 two-story buildings at 11600 MacKay Blvd. The multifamily investor bought the asset from Watson Real Estate & Management in 2014, according to Yardi Matrix data.
Completed in 1975, the property is 92.5 percent occupied. The community has shuttle service to the University of Central Florida, which is less than two miles to the northeast. Amenities include a swimming pool, basketball and tennis courts, clubhouse and hammocks throughout the property.
HFF worked on behalf of Beachwold to place the two 10-year, fixed-rate, interest-only loans with Freddie Mac. Senior Managing Director Mona Carlton, Managing Director Elliott Throne and Director Jesse Wright led the HFF team.
Last December, Beachwold acquired Hibiscus Springs Rental Homes for $60 million, a 470-unit apartment community in Spring Hill, Fla. That deal followed the company’s $20.2 million purchase of a 242-unit community in Gainesville, Fla., in July.