Berkadia Brokers $35M in Loans for Atlanta Deal
- Aug 11, 2020
Berkadia has facilitated two Fannie Mae acquisition loans totaling $35.2 million for two communities in Decatur, Ga. Managing Director Scott Wadler, Senior Managing Director Mitch Sinberg, and Senior Director Matt Nihan assisted the buyer and borrower, Beacon Real Estate Group, which purchased the two-property portfolio for a total price of $46.1 million. Audubon Communities sold the assets, Yardi Matrix shows.
Fannie Mae originated a $19.2 million loan for the 168-unit Domain at Cedar Creek and $16 million in debt for the 164-unit Gateway at Cedar Brook. The fixed-rate, 15-year notes have nine years of interest-only payments with a loan-to-value ratio of roughly 75 percent.
Located at 3073 Cedar Creek Parkway and 3117 Cedar Brook Drive, the sister communities were completed in 1970 and 1972, respectively. Both properties provide one- to three-bedroom floorplans with units ranging from 750 to 1,350 square feet. Each amenity package includes two swimming pools, a gym, a playground and laundry facilities.
At the time of closing, the assets were 99 percent occupied. The seller executed a $1.1 million renovation at the properties in 2018, which included roof improvements, upgraded HVAC systems and remodeled clubhouses. Additionally, the new owner plans to make significant interior renovations.
In April, Audubon paid Hunt Cos. $30.9 million for Liberty Oaks, a 300-unit affordable housing community in Savannah, Ga. CBRE arranged a three-year, $29.9 million financing package from NXT Capital for the purchase.