Foley, AL – May 26, 2021 – Berkadia announced today the acquisition financing of Sevilla Place Apartments, a 120-unit, garden-style multifamily property in Foley, Alabama. Senior Director Josh Finley of Berkadia Atlanta secured $16.5 million in acquisition financing through Fannie Mae on behalf of the buyer, Georgia-based Henssler Capital. The deal closed May 26.
The 10-year loan featured 5 years of interest only payments, a 30-year amortization schedule and a 75 percent loan-to-value ratio.
“Our team is thrilled to add this high quality, well located asset to our portfolio. The team at Berkadia has once again gone above and beyond to make this a smooth and successful transaction process”, said Carl Mitcheson, President of Real Estate for Henssler Capital.
“Henssler’s acquisition of the Sevilla Place Apartments represents a sound investment strategy by taking advantage of the strategic location between Mobile, Pensacola, and Gulf Shores,” said Finley. “Sevilla Place is positioned to capture future renters as they move away from these higher-cost markets while finding Class A product in a city that offers a lower cost of living, low tax burden and high quality of life.”
Located at 3151 Boulevard De Sevilla Boulevard, the property was built in 2019, is 98 percent occupied, and features 120 units with a mix of one-, two-, and three-bedroom floorplans. The property affords access to nearby retail shops, entertainment venues (including the new 520-acre OWA amusement park) and convenient access to US-98.