Baton Rouge, La. (Jan. 25, 2019) – Berkadia has arranged the $16.8 million acquisition financing of Copper Ridge Apartments and Magnolia Trace Apartments, two Baton Rouge assets with 313 units and 246 units, respectively. Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins, and Director of Operations Jared Hill of Berkadia’s South Florida office secured the loans on behalf of Timberline Capital, a real estate investment firm based in New York City.
Freddie Mac provided an $8.9 million loan for Copper Ridge Apartments and a $7.9 million loan for Magnolia Trace Apartments, each with a 10-year term and 5-years interest only.
“After experiencing a rebound in hiring since the third quarter of 2017, Baton Rouge’s multifamily market is now seeing demand exceed deliveries for the first time since year-end 2016,” said Sinberg. “It’s a market that performs well perennially in part to incoming and returning LSU students, and with a strengthening labor market across a variety of sectors, Baton Rouge is a promising area for continued investment.”
Built in 1976, Copper Ridge Apartments is situated at 2080 North Lobdell Avenue. One-, two-, and three-bedroom units include walk-in closets, window coverings, and ceiling fans. Community amenities feature a courtesy officer, laundry facilities, on-site management, and swimming pool.
Located at 11585 North Harrells Ferry Road, Magnolia Trace Apartments was built in 1972. One-, two-, and three-bedroom units include washer/dryer, dishwasher, disposal, range, ceiling fans, balcony/patio, and high speed internet access. Community amenities offer a pool, playground, laundry facilities, 24-hour availability, and on-site maintenance.