ORLANDO, FLA. — Berkadia has secured $118.5 million in financing for the construction of 52 at Park, an affordable housing development in Orlando. The financing includes a $73.5 million construction loan, as well as $45 million in Low-Income Housing Tax Credit equity. Chris McGraw and Tim Leonhard of Berkadia arranged the financing on behalf of the borrower, Lincoln Avenue Communities. 52 at Park will comprise 300 units across eight buildings. Units will come in one-, two-, three- and four-bedroom layouts. Planned amenities include a business center, clubhouse, fitness center, pool, laundry …
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Heightened Demand for Affordable Rental Housing Sets Tone for 2024 Investment Opportunities
Multifamily & Affordable Housing Business sat down with Marge Novak, senior vice president and head of Capital Markets at Berkadia, for a question-and-answer discussion about the current state of the affordable housing market and the challenges likely to influence 2024. Multifamily & Affordable Housing Business: How is the affordable housing market faring in the current economic conditions? Novak: With increased inflation and interest rates, home prices hit all-time highs, making them less affordable than at the height of the 2006 housing bubble. While buyers waited for prices to fall, sellers …
UNIVERSITY PLACE, WASH. — Berkadia has negotiated $21.5 million in financing for the purchase of The Duo Apartments, a 104-unit complex in the Tacoma, Washington suburb of University Place. The Duo Apartments offers studio, one- and two-bedroom floor plans ranging from 472 square feet to 989 square feet in size. Amenities include a recreation room, fitness center, outdoor patio/barbecue area, off-street parking and for-rent garages. Bayview provided the $21.5 million, five-year, fixed-rate loan with flexible prepayment terms. Michael Manolides and Robert Doxsee of Berkadia Seattle, along with Michael Basinski and Brad …
RICHMOND, VA. — Berkadia has brokered the sale of Belmont Hills, a 651-unit community located at 4037 Lamplighter Drive in Richmond. Belmont Hills features one-, two- and three-bedroom units. Amenities include a pool, dog park, fitness center, clubhouse and a business center. A joint venture led by Levco Management acquired the property from Weinstein Properties for an undisclosed price. Carter Wood, Drew White and Cole Carns of Berkadia represented the seller in the deal. Patrick McGlohn, Brian Gould, Miles Drinkwalter and Hunter Wood of Berkadia also secured Freddie Mac financing …
CHICAGO — Berkadia Institutional Solutions has brokered the sale of Mondial River West, a 141-unit property in Chicago’s River West neighborhood. Pete Evans of Berkadia Chicago and Richard Evans of Berkadia Milwaukee represented the seller, an institutional investor, in the deal. The buyer was a Chicago-based company. Mondial River West was built in 2009 and rises 15 stories. The building is located at 910 West Huron Street and is in proximity to downtown Chicago’s core employment hubs, including Fulton Market, West Loop, Loop, River North and Goose Island.
WARNER ROBINS, GA. — Berkadia has arranged a $36.8 million loan for Pointe Grand Warner Robins, a 288-unit property in Warner Robins. Located at 1601 Leverette Road, Pointe Grand Warner Robins consists of ten residential buildings and a clubhouse. Each residential building rises three stories. Units come in two-bedroom layouts and are 1,170 square feet in size. Amenities include a pool, fitness center and business center. Berkadia’s Proprietary Lending Group provided the loan, which features a two-year, competitive floating-rate with extensions and full-term interest only. Michael Weinberg and Wesley Moczul …
SAN FRANCISCO — Berkadia has negotiated a $67.2 million loan to refinance debt on Northpoint Apartments, a 514-unit complex in San Francisco. Andy Ahlers of Berkardia’s San Francisco office secured the permanent five-year loan through Fannie Mae. The borrower was NP Apartments LLC. Located at 2211 Stockton St., Northpoint Apartments offers units in studio, one- and two-bedroom floor plans. Amenities include two pools, a fitness center and laundry facilities.
TAMPA, FLA. — Berkadia has arranged the sale of Berkshires at Citrus Park, a 264-unit community in Tampa’s Citrus Park submarket. Berkshire Residential sold the property to Nuveen Real Estate for an undisclosed price. Matt Mitchell, Jason Stanton and Bailey Smith of Berkadia represented the seller in the deal. Situated at 6201 Gunn Highway, Berkshires at Citrus Park offers amenities such as a pool with a sun deck, fitness and cardio center, clubhouse with business center, gated access, lake with fountain and fishing pier, two dog parks and a picnic …
ROSWELL, GA. — Berkadia has brokered the $70.5 million sale of Grace Apartment Homes Roswell, a 396-unit multifamily property in the northern Atlanta suburb of Roswell. Andrew Mays, Paul Vetter, Matt White, Judy MacManus and Ian Shaw of Berkadia represented the seller, MSC Investment, in the deal. RH Investment Management purchased the property. Grace Apartment Homes Roswell offers one-, two- and three-bedroom units. Amenities include a pool, fitness center, clubhouse and a business center.
SARASOTA, FLA. — Berkadia has arranged the sale of Reserve at Palmer Ranch, a 320-unit community located at 4100 Winners Circle in Sarasota. Built in 1990, Reserve at Palmer Ranch features two- and three-bedroom units, as well as a fitness studio, two pools, bark park, car care center and a courtyard with communal games. Strategic Holdings sold the asset to MLG Capital. Berkadia’s Jason Stanton, Cole Whitaker and David Etchison represented the seller in the deal. John Koeijmans of Berkadia’s Dallas office arranged financing on behalf of the buyer. The …