Berkadia Arranges $45M Acquisition Loan for New Multifamily Community in Georgia
Prose Concord, was completed in 2022, and is located in close proximity to Atlanta
Jefferson, GA (April 6, 2023) – Berkadia announces it has secured the $45 million loan for the acquisition of Prose Concord, a 300-unit multifamily community in Jefferson, Georgia. Managing Director Scott Wadler, Senior Director Matt Nihan, and Senior Managing Director Mitch Sinberg arranged the financing on behalf of the buyer, an affiliate of Beacon Real Estate Group, a commercial real estate firm based in Coral Gables, Florida.
Freddie Mac provided the 10-year term loan, with five years of interest-only, and a fixed interest rate.
“Prose Concord is a well-constructed, new vintage asset in a high growth submarket,” said Wadler. “We were primed to lock in attractive leverage and fixed-rate pricing for Beacon, relative to where interest rates had been at the beginning of 2023.”
Located at 575 Concord Road, Prose Concord was built in 2022 and offers one- and two-bedroom apartments that range from 836 square feet to 1,188 square feet. Individual units feature modern stainless steel appliances, kitchen islands, custom cabinetry with granite countertops, washers and dryers, wood-style flooring, walk-in closets and kitchen and linen pantries. Community amenities include a resort-style pool, a clubroom with a catering kitchen and an entertainment lounge, a business center with coworking spaces, landscaped courtyards, a concierge package locker system, a fitness center, an oversized pet park and Wi-Fi throughout social spaces.
Located within an hour’s drive from Metro Atlanta and 30 minutes from Athens, Prose Concord provides quick access to the I-85 corridor, numerous employment destinations, the University of Georgia and the North Jefferson Business Park.
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