ATLANTA – February 16, 2018 – Berkadia today announced the sale and financing for Azalea Ridge, a multifamily garden-style property in Atlanta. Managing Directors Andrew Mays and Paul Vetter, Senior Director Judy MacManus and Director Matthew White from Berkadia’s Atlanta office completed the $19.1 million sale on behalf of the seller, Atlanta-based Alexander Property Group.
Senior Managing Director Richard Levine, also of Berkadia’s Atlanta office, arranged $14.3 million in financing through Freddie Mac for the purchase. The buyer was Zavala Capital, based in Atlanta, and the deals closed on January 25.
The seven-year acquisition loan features a floating interest rate, a 30-year amortization schedule and a 75 percent loan-to-value ratio.
“The dynamics of integrating investment sales and mortgage banking were essential in expediting the flow of information and execution of the transaction,” said Levine.
Located at 3214 Valley Bluff Drive, the 281-unit property features one- and two-bedroom floorplans with high speed internet, garbage disposals and vaulted ceilings. Residents can enjoy amenities such as a pool, a community picnic area and a fitness center. Azalea Ridge offers convenient access to I-85, I-285 and downtown Atlanta.