AUSTIN, Texas – May 22, 2020 – Berkadia today announced the financing secured for The Residences at City Center, a 182-unit garden-style multifamily property in Atlanta. Managing Director Andy Hill and Associate Director Tyler Nowlin of Berkadia’s Austin, Texas office secured the $16.2 million permanent refinancing for the property on behalf of Texas-based Domain Communities. The deal closed in April.
The 10-year Freddie Mac loan features a floating interest rate and five years interest-only payments, followed by a 30-year amortization schedule.
“The Residences at City Center provides much needed affordable housing in an area of central Atlanta that has seen significant rent growth, redevelopment and new development,” said Hill. “This refinance was structured with Freddie Mac Targeted Affordable Housing group to facilitate the borrower’s continued investment in the property and position the asset for longer-term hold. The refinance process commenced prior to the COVID-19 pandemic, but performance at the property level remained stable and Freddie Mac closed on-time and as agreed.”
Located at 55 Maple St. NW, The Residences at City Center features one-, two- and three-bedroom floor plans. Renovated units feature walk-in closets, granite countertops, stainless-steel appliances and bay windows. Community amenities include a resort-style swimming pool, a fitness center, laundry facilities, an outdoor area with grilling stations and a dog park. Residents are also afforded convenient access to downtown Atlanta, Mercedes Benz Stadium, Centennial Olympic Park, Route 41 and the shops and restaurants along Martin Luther King Jr. Drive.