Berkadia Arranges $19M Financing for Charlotte Buy
- Nov 18, 2019
Berkadia has secured a $18.8 million loan for the acquisition of Axiom Apartments, a 202-unit community in Charlotte, N.C. Emma Capital sold the asset, according to Yardi Matrix data. Senior Director Brad Williamson and Senior Managing Director Mitch Sinberg arranged the financing on behalf of the buyer, Miami-based One Real Estate Investment.
The three-year, floating-rate loan originated by Voya Investment Management has two one-year extension options. The $17.3 million initial funding will be complemented with $1.5 million in capital expenditure.
Located at 5625 Keyway Blvd. in the Eastland submarket, Axiom Apartments is alongside East W.T. Harris Boulevard, just north of Hickory Grove Market. Downtown Charlotte is roughly 9 miles west of the 11.4-acre property and UNC Charlotte is 7 miles north.
The community consists of 14 two- and three-story buildings completed in 1987, with one- and two-bedroom floorplans averaging 821 square feet. Common-area amenities include a clubhouse, swimming pool, fitness center, playground and business center. Yardi Matrix data shows the property was 91.6 percent occupied as of October.
One Real Estate Investment focuses on Southeast U.S. and Texas purchases, according to Chairman & CEO Jeronimo Hirschfeld. In October, the company acquired a 200-unit multifamily asset in Austin, with Berkadia securing the debt financing.
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