ATLANTA – August 1, 2018 – Berkadia today announced $14.97 million in combined financing for two multifamily properties, Grandeagle Apartments in Greenville, South Carolina and Quail Ridge Apartments in Columbus, Georgia. Director Josh Finley of Berkadia’s Atlanta office secured the acquisition financings.
The $7.05 million loan for Grandeagle Apartments was secured through Freddie Mac on behalf of QPG Glenwood Apartments LLC, based in Delaware. The seven-year fixed-rate permanent financing features a 4.84 percent interest rate with two years of interest-only and the last two years of the term at a 1 percent prepayment.
The 12-year $7.92 million Fannie Mae fixed-rate financing for Quail Ridge Apartments was secured on behalf of Delaware-based Quail Ridge GA LLC and features a 4.99 percent interest rate and five years of interest only. The loan also qualified for Fannie Mae’s Green Rewards program. Sponsorship elected a declining prepayment schedule, allowing flexibility for a lower prepayment penalty during the term as opposed to a standard Yield Maintenance.
“Both Grandeagle and Quail Ridge represent dynamic value-add plays for the new owner and showcase that there are still ample value-add opportunities in key secondary markets,” said Finley.
Located at 50 Glenwood Road in Greenville, South Carolina, Grandeagle Apartments features units with one- and two-bedroom floor plans that include dishwashers, walk-in closet and private outdoor space. Community amenities include a pool, a courtyard and self-service laundry facilities. Residents are located minutes from popular restaurants and shopping, and the property affords convenient access to Interstate 385.
Located at 5300 Woodruff Farm Road in Columbus, Georgia, Quail Ridge Apartments features units with one-, two- and three-bedroom floor plans that include washer-dryer connections, cable and a screened porch. Community amenities include a pool, a fitness center, a picnic area with grills and a playground. Quail Ridge Apartments is in close proximity to shopping, parks and schools nearby, as well as the Manchester Expressway.