Jeffersonville, IN – June 7, 2022 – Berkadia announced today the financing of Beech Grove Apartments, a 182-unit, garden-style multifamily property in Jeffersonville, Indiana (Louisville MSA). Managing Director John Schorgl of Berkadia Kansas City secured $15.2 million in acquisition financing through Freddie Mac on behalf of the buyer, California-based Revitate Cherry Tree.
The 10-year loan featured five years of interest only payments. The deal closed on May 31.
“What a great asset for Revitate Cherry Tree to crack into the Louisville market,” said Schorgl. “I am continually amazed at the teamwork and collaboration and am grateful for their partnership. Revitate Cherry Tree continually invests in providing affordable workforce housing across the country.”
“Beech Grove presents a unique opportunity to own a well-maintained, strong cash-flowing workforce housing community less than fifteen minutes away from the vibrant downtown Louisville market,” said Revitate Cherry Tree Co-Founder and General Partner, Chris Marsh. “Employers continue to be drawn to Louisville’s growth story, stemming from a high quality of life, affordable cost of living and a cost competitive business environment.”
“Revitate Cherry Tree is thrilled to invest in and support the Louisville market,” said Revitate Cherry Tree Co-Founder and General Partner, Alex Bhathal. “We believe deeply in this community’s trajectory as an emerging hub of job growth and broad-based economic opportunity.”
Beech Grove was built in 1972 and features 182 units with community amenities, including a 24/7 fitness center, pet park, swimming pool, etc. Located at 3014 Beech Grove Ct, the property affords convenient access to nearby Jeffersonville High School, downtown Louisville, and the shops and restaurants along the I-65 corridor.