WASHINGTON D.C. – December 23, 2020 – Berkadia today announced the financing secured for Cottages at Emerald Cove, a garden-style multifamily property in Savannah, Georgia. Senior Director Jonathan Pratt and Senior Managing Director Chris Ellis secured the $33.67 million in financing on behalf of the borrower, Salt Lake City-based Northrock Companies. The deal closed on November 17.
The 10-year Fannie Mae loan features a 3.12 percent fixed interest rate, a 75 percent loan-to-value ratio, a 30-year amortization schedule and five years of interest-only payments.
“Northrock is continuing to make a splash across the Southeast with their 4th acquisition in two months,” said Pratt. “Berkadia is thrilled to be able to partner with Northrock on all 4 of these acquisitions.”
Located at 100 Shellbark Way, Cottages at Emerald Cove features one-, two- and three-bedroom open floor plans with stainless-steel appliances, hardwood flooring and granite countertops. Community amenities include a pool, a fitness center, a yoga room, a dog park and a barbecue area. Residents are afforded convenient access to walking trails, The Georgia Institute of Technology-Savannah and Interstate 95.