Atlanta, GA – September 2, 2021 – Berkadia announced today that it structured $51 million in financing for the redevelopment of Riverwood Townhouses, an affordable housing development in Jonesboro, Georgia. The property was recently acquired by Vitus, a national developer and owner of affordable housing. Senior Managing Director Tim Leonhard of Berkadia Affordable Housing secured both $25.9 million of acquisition bridge financing and $25.3 million of permanent financing used to rehabilitate the property. The bridge loan had a 4.25 percent adjustable interest rate and was provided through Berkadia’s proprietary bridge lending platform. The permanent loan was provided through Freddie Mac’s affordable housing program.
“Berkadia has been focused on expanding affordable housing product offerings and diversification. The ability to offer proprietary bridge lending has been critical to helping our clients fulfill their investment objectives and has brought more affordable housing to the communities that need it most,” said Leonhard.
Located at 681 Flint River Rd, Riverwood Townhouses is a 282-unit, affordable housing development that features one-, two-, three- and four-bedroom units. 100 percent of the units are rent restricted to 60 percent area median income. The property will be undergoing interior and exterior renovations as part of the re-syndication. The property’s amenities include a business center/computer lab, clubhouse, community room, playground and picnic area.
“Through our financing partnership with Berkadia, we are thrilled to be able to make such a significant investment at Riverwood Townhouses,” said Samantha Cullen, development management director at Vitus. “These property improvements will help provide high-quality, affordable housing to our residents and benefit the surrounding community as a whole.”