COLUMBUS, Ohio – September 1, 2020 – Berkadia today announced the closing of a $30 million bridge loan to Fairstead, a fully-integrated real estate developer committed to affordable housing nationwide. The funding provided will allow Fairstead to refinance Woodside Gardens, a garden-style multifamily property located in Annapolis, Maryland as well as better position the property for a rehabilitation transaction to preserve its affordability. Senior Managing Director Matthew Napoleon of Berkadia’s Columbus, Ohio office secured the loan on behalf of Fairstead, and the transaction closed on July 30.
“Even with the challenges of the pandemic, our team was willing and able to provide a unique financing solution to serve the needs of our clients,” said Napoleon. “We are grateful for the opportunity to work with Fairstead, a dynamically growing force in the affordable housing market.”
“We appreciate Berkadia’s efforts in securing this transaction and their seamless execution of the financing, which will assist Fairstead in maintaining and preserving Woodside Gardens as an affordable housing development for a long time to come,” said Will Blodgett, Co-founder and Partner at Fairstead.
Located at 702-705 Newtowne Drive, Woodside Gardens features two- and three-bedroom floor plans with kitchen appliances. Community amenities include a community room, a computer lab, a playground, a laundry facility and an outside seating area. Residents are afforded convenient access to Truxton Park and the shops and restaurants along Forest Drive.