Louisville Property Receives $20M Refi

Berkadia South Florida’s Senior Managing Director Charles Foschini and Managing Director Christopher Apone arranged the loan on behalf of property owner CAPREIT.
Southgate Landing
Southgate Landing

Berkadia has arranged a $20.3 million refinancing for Southgate Landing, a 256-unit community in Louisville, Ky. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of the company’s South Florida office arranged the loan on behalf of the property owner and manager, CAPREIT.

Freddie Mac originated the floating-rate, seven-year, interest-only mortgage with a loan-to-value ratio of 69 percent. In a recent deal, Freddie Mac provided $80 million in financing for the acquisition of The Fountains, a 542-unit community in Palm Beach Gardens, Fla.

Located at 10960 Southgate Manor Drive, the 2001-built Southgate Landing is within six miles of important employment hubs such as Ford, GE Appliances and UPS. Interstate 65 provides easy access to downtown Louisville, which is less than a 25-minute drive away. Several retail and dining facilities are within walking distance.

The property comprises one- and two-bedroom units ranging from 680 to 1,488 square feet. Amenities include nine-foot ceilings, walk-in closets, fitness and business center, swimming pool, tennis and basketball court, detached garages and storage units. According to Yardi Matrix data, the community had a 95.3 percent occupancy rate at the time of the financing.

“Louisville has demonstrated considerable factors for solid investment in the city’s rising multifamily market, including the addition of 2,600 jobs over the past 12 months that have led to a 30-basis point increase in the occupancy rate,” said Foschini, in a prepared statement.

Image courtesy of Yardi Matrix

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