Berkadia Arranges $24M Refi for Georgia Workforce Community
- Aug 06, 2020
Berkadia has arranged $24 million for the refinancing of Liberty Club Apartments, a 240-unit workforce housing community in Hinesville, Ga. Managing Director Michael Weinberg, together with Associate Directors Alec Fox and Wesley Moczul of the firm’s Orlando office, secured the Fannie Mae loan on behalf of the borrower, Hillpointe.
The 12-year, fixed-rate financing has five years of interest-only payments and a 70 percent loan to value. Hillpointe will use the proceeds to retire existing debt and finance future developments. The owner broke ground on the property in 2019, taking out a $15 million construction loan from CIT Bank, according to Yardi Matrix information.
Situated on more than 30 acres at 915 E. General Stewart Way, the recently completed community has two-bedroom floorplans of 1,153 square feet across nine three-story buildings. Amenities include a resort-style pool, business center, fitness center, dog park and fishing pond.
Liberty Club Apartments is 3 miles from the city center near U.S. Road 84, adjacent to a Walmart Neighborhood Market. The property is also less than 3 miles from Fort Stewart & Hunter Army Airfield, the largest Army base east of the Mississippi River. Liberty Regional Medical Center is 2 miles southwest.
In another recent refinancing deal, Berkadia secured $16.6 million for an 86-unit community in Indianapolis. Senior Directors Michael Zaremski and Michael Shmuely arranged the loan on behalf of a private investor.