Berkadia Secures $87.8 Million in Financing for Affordable Housing Portfolio in Georgia
ATLANTA – October 24, 2022 – Berkadia announced today the financing secured for Infinity Russell Portfolio, an affordable housing portfolio consisting of 13 properties, located in Georgia and South Carolina. Managing Director Jeff Lawrence of Berkadia Atlanta affordable housing secured the $87.8 million in acquisition financing on behalf of the borrower, Georgia-based Infinity RE Impact. The deal closed on August 25.
The two-year bridge loan was financed through Berkadia.
“Almost 10 years ago we financed the first deal for the predecessor company to Infinity and my team and I are so excited about Infinity’s growth and development,” said Lawrence. “We are not merely a debt provider, they are our partner. As such, we are focused on assisting them in growing all aspects of their business.”
“2022 has been a challenging year to acquire multifamily properties,” said Greg Jones, Chief Investment Officer for Infinity. “Proper financing in such a volatile market is critical, and Berkadia was an incredible partner all the way to the close. I could not be more appreciative of everyone involved. We have a lot of plans for this portfolio and look forward to watching the Infinity team execute our mission to enhance the lives of the residents in our communities.”
The 13 properties in this portfolio include:
Lake Forest Apartments is located at 1360 Otilia Drive in Gainesville, Georgia. The 118-unit property features one-, two-, three- and four-bedroom floor plans. Community amenities include a playground and laundry facilities. The property affords residents convenient access to Lanier Point Park, Northeast Georgia Medical Center and the shops and restaurants near Highway 53.
Forest Creek at Moultrie Apartments is located at 409 Martin Luther King Jr. Drive in Moultrie, Georgia. The 80-unit property features two- and three-bedroom floor plans with private patios. Community amenities include a fitness center, a playground, a basketball court and laundry facilities. The property affords residents convenient access to Sunset Country Club, Colquitt Regional Medical Center and the shops and restaurants near Route 37.
Lakeview Apartments is located at 1210 Stewart St. in Carrollton, Georgia. The 98-unit property features one-, two-, three- and four-bedroom floor plans. Community amenities include a community center and a to-be constructed playground. The property affords residents convenient access to North Lakeshore Greenbelt Trailhead, East Carrollton Recreation Center and the shops and restaurants near Martha Berry Highway.
Rolling Ridge Apartments is located at 100 Rolling Ridge Drive in Athens, Georgia. The 160-unit property features one-, two- and three-bedroom floor plans. Community amenities include laundry facilities. The property affords residents convenient access to the University of Georgia, Athens Country Club and the shops and restaurants near Route 129.
Shenandoah Forest Apartments is located at 8 Forest Circle in Newnan, Georgia. The 100-unit property features two- and three-bedroom floor plans. Community amenities include laundry facilities. The property affords residents convenient access to White Oak Golf Club and the shops and restaurants near Route 34.
Sunny Brook Apartments is located at 1300 Mineral Springs Road in Elberton, Georgia. The 130-unit property features one-, two- and three-bedroom floor plans. Community amenities include a community room and laundry facilities. The property affords residents convenient access to Elbert Memorial Hospital, Elberton Country Club and the shops and restaurants near Route 72.
Briarwood Apartments is located at 1201 S 1st St. in Jesup, Georgia. The 90-unit property features one-, two-, three- and four-bedroom floor plans. The property affords residents convenient access to Wayne Memorial Hospital, Jesup Drive-In and the shops and restaurants near Route 84 and Sunset Boulevard.
Crestview Village is located at 908 Crestview Road in Easley, South Carolina. The 76-unit property features one-, two- and three-bedroom floor plans. Community amenities include a playground and laundry facilities. The property affords residents convenient access to Clemson University, Furman University, Smithfields Country Club and the shops and restaurants near Crestview Road.
Indian Oaks is located at 1103 E Church St. in Fort Valley, Georgia. The 150-unit property features one-, two-, three- and four-bedroom floor plans. The property affords residents convenient access to Fort Valley State University, Pine Needles Country Club and the shops and restaurants near Route 341.
Shadowood is located at 2506 Lumpkin Road in Augusta, Georgia. The 78-unit property features one-, two- and three-bedroom floor plans. Community amenities include a playground. The property affords residents convenient access to Augusta Regional Airport, Augusta University-Summerville Campus and the shops and restaurants near Lumpkin Road and Interstate 520.
The Cliffs is located at 826 Shugart Road in Dalton, Georgia. The 120-unit property features one-, two-, three- and four-bedroom floor plans. The property affords residents convenient access to North Georgia Speedway, Heritage Point Regional Park and the shops and restaurants near Shugart Road and Interstate 75.
Georgian Woods is located at 120 McNeil Drive in Douglas, Georgia. The 66-unit property features community amenities including a playground, a picnic area and laundry facilities. The property affords residents convenient access to South Georgia State College, Douglas Golf and Country Club and the shops and restaurants near Route 441.
Riverbend is located at 441 E McIntosh St. in Milledgeville, Georgia. The 75-unit property features one-, two- and three-bedroom floor plans with in-unit washers and dryers and a dishwasher. Community amenities include a business center and a barbecue area. The property affords residents convenient access to Georgia Military College, Georgia college & State University and the shops and restaurants near E Hancock Street.
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