Domain Communities Refinances Affordable Atlanta Asset
- May 26, 2020
Domain Communities has received a $16.2 million Freddie Mac loan to refinance The Residences at CityCenter, a 182-unit affordable housing community in Atlanta. Berkadia secured the 10-year permanent loan with a floating interest rate and five years of interest-only payments, followed by a 30-year amortization schedule.
According to Yardi Matrix data, this is the second refinancing originated by Berkadia for the Class B property in the past few years. In 2017, the firm provided the borrower with a $12.2 million loan through Wells Fargo Bank, which retired $11.7 million in acquisition financing from NXT Capital. Domain renovated the property immediately after purchasing it in 2015.
Located at 55 Maple St. NW, The Residences at CityCenter consists of five three-story buildings completed in 1993. The unit mix features one- to three-bedroom floorplans, averaging 834 square feet. Amenities include a swimming pool, fitness center, dog park and business center with a Starbucks coffee bar. The 25-acre property is less than 2 miles northwest of downtown Atlanta, across from Mercedes Benz Stadium. The location is easily accessible through public transportation, being within walking distance of Vine City Transit Station.
Berkadia Managing Director Andy Hill and Associate Director Tyler Nowlin arranged the financing on behalf of the owner. In February, the brokerage duo also secured $23 million in financing for the acquisition of a 272-unit community in Houston.