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8/05/2016 - Berkadia's Atlanta Team Completes Nearly $30 Million in Combined Sale and Financing for Georgia's Multifamily Property
Berkadia announced today the recent sale and financing of The Reserve Apartments, a multifamily property in Lithonia, Georgia. The Atlanta-based team of Senior Directors Andrew Mays and Paul Vetter completed the $16.3 million sale, and Senior Managing Director Richard Levine and Associate Director Josh Finley arranged a $12.2 million loan through Freddie Mac on behalf of the borrower, 5650 Hillandale, LLC. The buyer was Benimax Investment Group, Inc., and the seller was Audubon Communities, both of Atlanta. The transaction was completed on July 15. “We were pleased that this transaction allowed us to work with Benimax for the fourth time,” said Finley. “They have a unique track record of successful execution of value-add investments on similar assets.” “This relationship, combined with the power of Berkadia’s integrated mortgage banking and investment sales capabilities platform, allowed us to deliver and secure the most competitive terms available,” added Mays. The seven-year, permanent fixed-rate loan includes a 3.9 percent interest rate with two years of interest only payments, a 30-year amortization schedule and a 75 percent loan-to-value ratio. Built in 1988, the 252-unit property offers studios, one-, two- and three-bedroom floor plans that include fully equipped kitchens, fireplaces, ceiling fans, extra storage, washer/dryers and balconies or sunrooms. The community features a swimming pool, lighted tennis courts, playground, landscaped grounds and 24-hour maintenance. The Reserve’s convenient location at 5650 Hillandale Rd. affords residents easy access to Interstates 20 and 285 and is roughly 10 miles from Stone Mountain National Park. Top employers in the area include DeKalb Medical Center, Marshall's Southeastern Distribution Center and Kaiser Permanente Panola Medical Center. [GlobeSt]

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