DENVER – February 25, 2021 – Berkadia announced today the financing secured for The Reserve Apartments, a garden-style multifamily property in Montgomery, Alabama. Managing Director Jennifer Quigley of Berkadia’s Denver office secured the $24.4 million refinancing on behalf of the borrower, Alabama-based Golson Foshee. The deal closed on February 24.
The 35-year HUD 223(a)7 MF loan was financed through HUD’s Green MIP Reduction Program. The final locked note rate was 2.12 percent.
“This type of transaction perfectly exemplifies what I love about my job; helping my clients, who over our joint careers have become my friends, make smart financial decisions that create value for their families for years and years to come,” said Quigley. “We are better together.”
Located at 3501 Reserve Circle, The Reserve Apartments features one-, two- and three-bedroom floor plans with in-unit washer and dryers and walk-in closets. Community amenities include a fitness center, a swimming pool, a business center, a clubhouse and a theater room. Residents are afforded convenient access to Alabama State University at Montgomery and Interstate 85.