Berkadia arranges debt and equity financing for recapitalization of 300 unit apartment community in Norcross, Georgia
ATLANTA, GA – Berkadia announces that it has guaranteed debt for the refinancing of The Carter @ 4250, a 300-unit apartment community located in Norcross, Georgia, on behalf of Miami-based One Real Estate Investment (OREI) . In addition, Berkadia also sourced a capital pool to recapitalize the sponsor’s capital partner.
Senior General Manager Mitch Sinberg of Berkadia Boca Raton and General Manager Brad Williamson of Berkadia Miami arranged a $ 33.12 loan through Freddie Mac. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital have aligned an equity partner, MLG Capital, to complete the equity stack for OREI.
Freddie Mac provided a 10 year variable rate loan with a competitive rate and five years interest only. MLG Capital contributed $ 16.55 million in equity to the transaction.
“The Carter was the subject of an extensive value-added program by OREI prior to its recapitalization,” said Williamson. “We are delighted to see OREI continue with its plan and create value on the property for both the tenants and the new financial partner. “
“OREI has continued to develop its multi-family portfolio and now has over 5,000 units in Texas and the Southeast,” said Jeronimo Hirschfeld, CEO of One Real Estate Investment. “In an effort to capitalize on this dynamic market and deliver superior returns to our investors while retaining our portfolio, we have chosen to recapitalize a high performing asset in an excellent Atlanta submarket. “
Berkadia has arranged debt and equity for the expansion of OREI’s multi-family portfolio on several occasions over the past two years.
Built in 1985, The Carter 4250 is located at 4250 Jimmy Carter Boulevard and offers one and two bedroom apartments ranging from 707 square feet to 1,052 square feet. Individual units include hardwood-style floors, stainless steel appliances, gas range, modern shaker-style cabinets, large closets, carpeted floors, electronic thermostats, washer and dryer outlets, and a patio / balcony. Community amenities include a saltwater pool, fitness center with free weights, playground, dog park, laundry facilities, and picnic / barbecue area.
It is located near Interstate I-85 and Jimmy Carter Boulevard providing quick access to downtown Atlanta, minutes from the Gwinnett Fountain, Lions Club Park and half an hour from the Atlanta Hartsfield-Jackson International Airport.