Berkadia Arranges Financing for Atlanta-Area Workforce Housing
- Aug 07, 2020
Working on behalf of One Real Estate Investment, Berkadia has secured a financing package for The Carter @ 4250, a 300-unit workforce housing community in Norcross, Ga. Senior Managing Director Mitch Sinberg and Managing Director Brad Williamson arranged a $29.1 million Freddie Mac loan.
The 10-year, floating-rate financing has five years of interest-only payments and a 75 percent loan-to-value ratio. Proceeds retire the existing $28.3 million bridge loan originated in 2019, when OREI purchased the asset for $35 million, according to Yardi Matrix data.
In addition, Senior Managing Director Chinmay Bhatt, together with Managing Directors Noam Franklin and Cody Kirkpatrick from the firm’s Joint Venture Equity and Structured Capital Group, secured $3.3 million in equity from Electra Capital. OREI will use the funds to complete interior and exterior renovations at the property.
Situated on 23 acres at 4250 Jimmy Carter Blvd., the community consists of two- and three-story buildings completed in 1985. The unit mix features one- and two-bedroom apartments ranging from 707 to 1,052 square feet. Amenities include a swimming pool, playground, clubhouse, fitness center and dog park.
The property is 17 miles from downtown Atlanta via Interstate 85. Located near Lucky Shoals Park, the community has access to numerous shops and restaurants alongside Lawrenceville Highway.
In May, the same Berkadia teams arranged Freddie Mac debt and Electra Capital preferred equity for OREI’s acquisition of a 192-unit asset in College Station, Texas. The seven-building property is 2 miles from Texas A&M University.