AUSTIN, Texas – October 19, 2021 – Berkadia today announced the financing secured for Winters Creek, a garden-style multifamily property in Atlanta, Georgia. Managing Director Andy Hill and Associate Director Tyler Nowlin of Berkadia Austin, Texas secured the $26.1 million in acquisition financing for the property on behalf of Western Wealth Capital. The deal closed on September 30.
The five-year, non-recourse, adjustable-rate bridge loan, financed through Bridge Investment Group, features interest-only payments and future funding for planned capital improvements.
“We were able to work with Bridge Investment Group to structure a flexible financing solution that will facilitate completion of the sponsor’s proven value-add strategy,” said Hill.
Located at 1600 Winters Creek Drive, Winters Creek features one- and two-bedroom floor plans with in-unit washers and dryers. Community amenities include a swimming pool, a fitness center, a playground, a courtyard and a tennis court. Residents are afforded convenient access to Interstate 285 and numerous shops, restaurants and employers along Peachtree Industrial Boulevard. Additionally, Winters Creek is near Assembly Yards, one of metro Atlanta’s largest redevelopment efforts on the site of the former General Motors plant.