BIRMINGHAM, Ala. – September 13, 2019 – Berkadia today announced $83.5 million in total financing for two properties: Highland at Springhill, a 252-unit garden-style multifamily property in Mobile, Alabama, and The Vernazza, a 256-unit garden-style multifamily property in Kissimmee, Florida. Managing Director Tom Genetti of Berkadia’s Birmingham, Alabama office secured the financing for both properties through Freddie Mac on behalf of their borrowers.
“We were pleased to introduce the Freddie Mac Lease-Up Loan Program to these two outstanding, repeat borrowers,” said Genetti. “Given current market volatility, the ability to secure maximum loan proceeds and early rate-lock, well before either asset was fully stabilized, was extremely important and a key factor in both borrowers choosing this financing option. We were pleased that the Freddie Mac team was able to help us to secure these terrific financing terms.”
Highland at Springhill is located at 151 Du Rhu Drive in Mobile, Alabama. Berkadia secured $40 million in Freddie Mac financing for the property through an 11-year permanent refinancing loan. The deal closed on September 6.
The property affords convenient access to Sage Avenue Park, Interstate 65 and the shops and restaurants along Dauphin Street. Residents have access to one-, two- and three-bedroom floor plans with stainless-steel appliances, granite countertops and large closets. Community amenities include a saltwater pool, a spa, outdoor cabanas, an athletic club, a reflection garden, a cybercafé and a pet park.
The Vernazza is located at 1790 Manarola St., in Kissimmee, Florida. Berkadia secured $43.5 million in Freddie Mac financing for the Vernazza through an 11-year permanent acquisition loan. The deal closed on August 30.
The Vernazza features one-, two- and three-bedroom floor plans with granite countertops, energy-efficient stainless-steel appliances, hardwood-style flooring and spacious walk-in closets. Community amenities include a pool, a clubhouse, a 24-hour fitness center, two pet parks, access to lake walking trails, package services and multiple elevators. Residents are afforded convenient access to Lake Calabay, Osprey Park and the shops and restaurants along West Osceola Parkway.