IRVINE, Calif. – March 15, 2019 – Berkadia today announced $31.2 million in acquisition financing for Canopy at Baybrook, formerly known as Reafield Village, a garden-style multifamily property in Charlotte, North Carolina. Managing Director David Bleiweiss and Associate Director Jack Hunsicker of Berkadia’s Irvine, California office secured the loan on behalf of Investors Management Group, Inc. The acquisition was completed on February 27.
“The Sponsor is taking advantage of a strong submarket by renovating units, increasing rents to market rates, upgrading some common areas and repurposing others completely and rebranding the property to Canopy at Baybrook,” said Bleiweiss.
“The property will flourish with the planned renovations, already complemented by the beautiful surrounding residential neighborhood and trails, along with its proximity to Ballantyne Corporate Park, a major employment hub in the area,” added Hunsicker.
Located at 6609 Reafield Drive, Canopy at Baybrook offers one-, two- and three-bedroom floor plans with fully-equipped kitchens, private patios or balconies and wood-burning fireplaces. The pet-friendly community also features two swimming pools, an outdoor barbecue and picnic area and a lighted tennis court. Reafield Village affords convenient access to McAlpine Creek, Challis Lake and William R. Davie Park.