Berkadia Secures $24 Million Construction Take-Out Loan for New Georgia Workforce Community

August 3, 2020

Berkadia Secures $24 Million Construction Take-Out Loan for New Georgia Workforce Community

August 3, 2020

HINESVILLE, GA (August 3, 2020) – Berkadia announces it has procured financing for the recapitalization of Liberty Club Apartments, a new 240-unit, garden-style apartment community located in Hinesville, Georgia. Managing Director Michael Weinberg and Associate Directors Alec Fox and Wesley Moczul of Berkadia’s Orlando office secured the $24.01 million loan on behalf of the sponsor, Hillpointe, a fully integrated real estate development and investment management firm focused on workforce housing  opportunities in the southeastern United States.

Fannie Mae provided the twelve-year, fixed-rate loan with five-years interest only and a 70 percent loan to value. Proceeds will be used to retire the existing construction loan and enhance Hillpointe’s ability to finance future developments.

“Even through the COVID-19 pandemic, the property experienced an unprecedented lease-up phase due to overwhelming market acceptance and pent-up demand for new product in the market,” said Weinberg. “Given the tremendous demand, Hillpointe was able to outperform initial proforma rents and lease the project to full occupancy within a matter of months. We are pleased to be partnered with a great developer like Hillpointe and look forward to more successful deals in the future.”

Located at 915 East General Stewart Way, Liberty Club Apartments was built in 2019, and consists of 9 residential buildings, 11 garage buildings, and a clubhouse. Two-bedroom/two-bathroom floor plans average 1,153 square feet. Community amenities include a resort- style pool, clubhouse and fitness center, dog park, and fishing ponds.

Liberty Club Apartments enjoys a desirable location less than 3 miles from Fort Stewart, the largest Army installation east of the Mississippi River, and less than 20 minutes away from I-95. The property is located immediately adjacent to a Walmart Neighborhood Market and is in close proximity to Liberty Regional Medical Center (2.3 miles) and Savannah Technical College (6.8 miles).

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