HOUSTON – April 10, 2018 – Berkadia today announced the $26.1 million financing for Millbrook Pointe, a garden-style multifamily property located in Augusta, Georgia. Senior Director Corby Chaffin of Berkadia’s Houston office secured the acquisition financing through Latitude Management Real Estate Investors. The borrower was Philadelphia-based Springer Capital LLC, and the transaction closed on March 28.
The three-year loan will facilitate Springer Capital’s acquisition and capital improvement plan for the property. The borrower plans to invest over $12 million to upgrade all aspects of the property in a Class A style. In addition to upgraded building exteriors and amenities, the unit interiors will feature granite counter tops, stainless steel appliances and hardwood-style flooring.
“The team from LMREI delivered a creative financing solution so that Springer Capital could act quickly and decisively to capitalize on this unique acquisition opportunity,” said Chaffin. “Millbrook Pointe has an irreplaceable location in a tradition-rich area unlike any other within Augusta. This will allow the borrower to execute their proven value-add strategy of investing capital in meaningful upgrades for the long-term.”
Located at 3190 Skinner Mill Road, the 377-unit property features one-, two- and three-bedroom floorplans in a picturesque setting. Millbrook Pointe is located in close proximity to I-20, Bobby Jones Expressway, Washington Road and Walton Way Extension, which are Augusta’s four most traveled thoroughfares, providing convenient access to virtually all of the major employment centers and retail destinations in the area.