Monument Capital Management purchased the 228-unit Triple Crown at Tates Creek in Lexington, Kentucky
Lekington, Ky. (March 2, 2020) – Berkadia announces it has arranged acquisition financing for Triple Crown at Tates Creek, a 228-unit garden style community in Lexington, Kentucky. Managing Director Brad Williamson and Associate Director Wesley Moczul of Berkadia’s Miami office arranged the loan in under 31 days on behalf of Monument Capital Management, a real estate investment firm based in Miami and part of Alex Rodriguez’ A-Rod Corp. real estate division.
A corresponding life company originated the 3-year, floating rate loan with two 1-year extension options and full-term interest only. The loan represents total capitalization of 80 percent of cost and is priced at a rate of Libor + 265 percent. Berkadia will retain servicing through the life of the loan post-closing.
“Lexington’s consistent population growth coupled with a below-average unemployment rate and proximity to one of the nation’s premier universities provided a compelling value-add opportunity for the sponsor,” said Williamson. “The loan’s extension options also offer the flexibility of maintaining favorable terms in the future for an asset with solid market fundamentals, which are poised for continued growth thanks to large-scale employment centers like Toyota’s Georgetown manufacturing plant, the largest in the world.”
Monument Capital Management will carry out an extensive capital improvements project throughout the property’s units.
Built in 1974, Triple Crown at Tates Creek is located at 3501 Pimlico Parkway. One-, two- and three-bedroom units include brushed nickel finishes, private patios and balconies, wood style flooring, dishwasher and heating. Community amenities include a swimming pool, fitness center, playground, barbecues with outdoor dining and a dog walk area.
Situated near employment hubs and transit corridors, the property is less than 10 minutes away from Downtown Lexington and the University of Kentucky, and under 20 minutes away from Amazon’s local fulfillment center. Toyota’s manufacturing plant employing about 8,000 employees is about 30 minutes away, with transit routes like Interstate 75 and Interstate 64 less than 15 minutes away, offering access to the greater Lexington area and Kentucky.