ATLANTA, GA – March 2, 2022 – Berkadia announced today the acquisition financing of Highlands at East Atlanta, a 250-unit, affordable multifamily property in Atlanta, Georgia. Managing Directors Jeff Lawrence and Matthew Baptiste of Berkadia Affordable secured the financing on behalf of the purchaser, Infinity RE Impact II, LLC, a social impact fund that owns 19 affordable communities nationwide. The deal closed on November 15, 2021.
The $40 million loan through Berkadia’s proprietary lending platform will provide financing for the acquisition and capital improvements.
“Berkadia is honored to continue our partnership with Infinity and its affiliates to provide much needed affordable housing in Atlanta,” said Lawrence.
“We have been laser focused on expanding affordable housing product offerings and diversification,” said Baptiste. “The ability to offer proprietary bridge lending has been critical to helping our clients fulfill their investment objectives and has brought more affordable housing to the communities that need it most.”
Highlands at East Atlanta is located within a designated Opportunity Zone and Qualified Census Tract. 100 percent of the units are subsidized via a project-based, Section 8 contract providing residents with housing assistance.
“Affordable housing continues to be a systemic problem across the country. Through a collaboration with HUD, the local housing authority, and the Highlands neighborhood, we hope to provide a community where the residents enjoy living,” said Greg Jones, Chief Investment Officer.
Highlands at East Atlanta is one of thirty properties acquired by Infinity’s affordable housing funds since early 2020.