Upscale Active Adult in Charlotte

Case Study: Seniors Housing & Healthcare

Property Info

Date Closed: October 2023
City, State: Charlotte, NC
Seller: Evergreen Residential
Transaction Type: Investment Sales
Year Built: 2020

Property Objectives

Berkadia Seniors Housing & Healthcare just announced the sale of an active adult community in Charlotte, North Carolina. The active adult property type has significantly grown in popularity over the past few years and attracts a wide array of potential buyers. This transaction presented the challenge of navigating pricing in a rapidly changing capital markets environment, with interest rates changing significantly at increased intervals. This resulted in the potential purchase price changing constantly as those interest rates varied, shifting the valuation of the opportunity. This deal was a true example of needing to manage the bid-ask spread.

Berkadia Solution

Berkadia worked together with the seller to identify a capable buyer who had the ability to purchase the asset at the sale price needed by the seller. This required managing the seller’s expectations of a reasonable price of sale while finding a buyer who was willing and able to pay an appropriate price in this rapidly changing environment.

Client Results

The seller was able to maximize their returns while attracting a buyer capable of closing the transaction in a timely manner. The transaction closed within three months of the signed letter of intent.

The Berkadia Advantage

The active adult sector has significantly grown in popularity over the past few years. For more information on research on this property type, please see Berkadia’s 2022 Active Adult Report.

Mortgage Banking

Cody Tremper

Managing Director

Berkadia Seniors Housing & Healthcare

Learn More

Client Stories


Berkadia is dedicated to leading the digital transformation of commercial real estate with investments in technology like Esusu, a rent-reporting platform created to build tenants’ credit. Multifamily property owners who implement Esusu can decrease evictions and vacancies and maximize NOI. As partners, Berkadia borrowers may receive closing cost credits and discounted rates.


As Freddie Mac’s #1 Optigo® Lender and Fannie Mae’s #2 DUS Producer, Berkadia Small Loans is skilled in navigating GSE programs to find the best loan executions for our clients. Though the lending landscape continues to evolve, agency small loan executions remain one of the best options for investors who recognize the value of optionality and take advantage of rate locking.

Credit facility executions allow borrowers to arrange flexible financing terms for a portfolio of properties on a cross-collateralized and cross-defaulted basis, with property addition, property release, property substitution, and borrow-up capabilities for all asset classes. Kairos Investment Management Company and Berkadia secured a $175 million credit facility backed by Fannie Mae.

We recently partnered with Freddie Mac and Spira Equity Partners to help rehabilitate and preserve 392 units of affordable housing for the residents of Brittany Bay Apartments. Brittany Bay has the most units of any community in a High Opportunity Area that Freddie Mac has financed.

The Fairfield Affordable Housing Preservation Fund is focused on acquiring rent and income-regulated affordable housing assets in markets throughout the U.S. The Fund is Fairfield’s first affordable housing-focused investment vehicle open to third party investors and will leverage Fairfield’s 20-year history of investing and managing LIHTC multifamily assets. 

A lot with a vacant commercial building that’s fallen into disuse has been transformed into new housing for Los Angeles’ homeless community by development company and Berkadia partner, Aedis Real Estate Group. Berkadia originated $50 million in Freddie Mac’s TEL forward commitments that will finance Hope at Avalon, as well as two sister projects Hope on Broadway and Hope on Hyde Park.

JASA is a longtime Berkadia client and non-profit organization committed to the safety, health, and well-being of seniors. Recently, Berkadia financed $46M+ in loans for two JASA properties under the HUD 223(f) program. In addition to repairs and upgrades, the higher leveraged, low interest rate loans enabled JASA to allocate funds to programs benefiting their residents.


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