Berkadia Secures Over $42 Million in Financing for Multifamily Property in Alabama
ATLANTA – June 28, 2022 – Berkadia announced today the financing secured for Colony Woods, a 414-unit garden-style multifamily property located in Birmingham, Alabama. Senior Director Joshua Finley of Berkadia Atlanta secured the $42.052 million in permanent acquisition financing on behalf of the borrower, Georgia-based Arcan Capital. The deal closed on May 24.
The 10-year loan was financed through Fannie Mae.
Located at 2000 Colony Park Drive, Colony Woods features one-, two- and three-bedroom floor plans with in-unit washers and dryers and walk-in closets. Community amenities include a swimming pool, a fitness center, a business center and a clubhouse. Residents are afforded convenient access to Grandview Medical Center and the shops and restaurants near Interstate 459 and Route 280.