ATLANTA – September 30, 2019 – Berkadia announced today the $16.98 million financing for Magnolia Preserve, a mid-rise multifamily property in Dothan, Alabama. Director Josh Finley of Berkadia’s Atlanta office secured the permanent refinancing on behalf of Georgia-based Henssler Capital. The deal closed on September 27.
The 10-year Fannie Mae loan features a 3.76 percent interest rate, a 30-year amortization and a 75 percent loan-to-value ratio with four years of interest-only payments.
“Located in the affluent northwest corner of Dothan, Magnolia Preserve represents one of the few premier assets within the city and is perfectly positioned for a value-add program that is sure to increase near-term ROI,” said Finley. “The asset is already realizing over nine percent year-over-year net operating income growth over the last three years by initial upgrades to 10 percent of the units, and Henssler plans to continue with focused upgrades that will continue to set Magnolia Preserve apart from the competitive assets in the market.”
Located at 101 Magnolia Ridge Place, Magnolia Preserve features one-, two- and three-bedroom floor plans with washers and dryers, oversized closets, kitchen island bars, kitchen pantries, granite-style countertops, private patios or balconies and outside storage. Community amenities include a resort style pool, a 24-hour fitness center, a cybercafé, a car care area, a cabana with an outdoor fireplace and a dog park. Residents are afforded convenient access to Wiregrass Commons Mall and Montgomery Highway.