Berkadia Complete $32.5 Million Sale And Secures $28 Million In Financing Of Multifamily Property Outside Atlanta

ATLANTA – April 3, 2018 – Berkadia today announced the sale and financing of Lakes at Indian Creek, a garden-style multifamily property in Clarkston, Georgia. Director Jeremiah Jarmin on Berkadia’s Affordable Housing team and Senior Director Judy MacManus of the Atlanta office completed the $32.5 million sale on behalf of the seller, Denver-based Alden Torch Financial. The buyer was EB Real Estate Group, based in New York, and the transaction closed on March 22.

Director Josh Finley, also of Berkadia’s Atlanta office, arranged $28 million in Fannie Mae financing on behalf of EB Real Estate Group. The 10-year loan features a 3.64 percent interest rate, an 80 percent loan-to-cost ratio and a 30-year amortization schedule.

“As market supply tightens, we are seeing players who typically acquire conventional properties gravitate toward the LIHTC arena for upside opportunities and yield,” said Jarmin. “What used to be demand limited to primarily LIHTC properties that were qualified contract eligible or had already been through the QC process for immediate reposition to market is now expanding to LIHTC properties still with a number of years left in the Section 42 program.”

Located at 751 N Indian Creek Drive, Lakes at Indian Creek, a property currently in the Section 42 Low Income Housing Tax Credit Program, offers 603-units of one-, two- and three-bedroom apartments and townhomes, with 15 total unique floorplan options. The units provide ample closet space, electric kitchen appliances and private patios and balconies. The gated community also features several amenities, including picnic areas, tennis courts, swimming pools, a fitness center and a computer center.

The property provides convenient access to several nearby highways, as well as the Lakewood MARTA station, which affords easy access to downtown Atlanta approximately twenty miles away. Georgia State University and Aaron’s Lakewood Amphitheatre are also located nearby.