Berkadia Closes $18M Loan for North Carolina Buy
- Jun 17, 2020
Berkadia has secured a $17.9 million loan for One Real Estate Investments’ approximately $27.5 million acquisition of Ardmore Pointe, a 291-unit community in Fayetteville, N.C. Senior Managing Director Mitch Sinberg and Managing Director Brad Williamson sourced the 10-year Fannie Mae loan for the buyer. The mortgage bears a fixed interest rate of 3.01 percent.
Built in 2012, Ardmore Pointe—now rebranded as The Summit on 401—has one-, two- and three-bedroom floorplans with an average unit size of 1,051 square feet. Common-area amenities include a clubhouse, swimming pool, fitness center and car wash station.
Located at 3325 Oak Forest Drive, the property is just off Raeford Road. The surrounding area has several retail options, including Fayetteville Pavilion, less than 2 miles from the community. The asset is also 4 miles from Cape Fear Valley Medical Center and 7 miles west of downtown Fayetteville. Fort Bragg, one of the area’s largest employers, is 9 miles north.
In May, Sinberg and Williamson secured a loan for another of OREI’s purchases—a 192-unit community in College Station, Texas. The floating-rate, Freddie Mac mortgage matures in 2030.