Little Rock, Ark. (Nov. 27, 2018) – Berkadia has arranged the refinancing of Argenta Flats, a 160-unit multifamily community located in the historic Argenta District in downtown North Little Rock, Arkansas. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s South Florida office represented the borrower, Salter Properties, in securing the loan, with assistance from Senior Director Patrick Jordan of Berkadia’s Memphis, Tennessee office.
Benefit Street Partners of New York provided the $13 million loan, comprising a first mortgage and mezzanine debt, for a 10-year term with two years interest only. This represents an 80 percent loan-to-value or 85 percent loan-to-cost.
“Not every multifamily loan we execute fits in an agency box,” said Foschini. “While small, the loan was highly structured and consisted of a long-term permanent and an additional mezzanine component that allowed the operator to both pay off his construction loan and return equity to the investors to be used in future projects. The mezzanine loan, when blended with the underlying first, provided a very attractive rate and terms.”
Located at 123 W. 7th Street, Argenta Flats is composed of 160 modern one- and two-bedroom apartments in a garden-style community setting. Each unit features full-size stainless appliances, large walk-in closets, full-size washer/dryer sets, designer color schemes, and more. Community amenities include a 24-hour yoga/fitness room, wine room, book exchange room, business center, and resort-inspired pool.
The community is conveniently located within walking distance to the Argenta Arts District, as well as a variety of entertainment, shopping, and dining destinations, and is just minutes from Downtown Little Rock.