Wake Forest, NC (Jan. 28, 2021) – Berkadia announces it has arranged financing for the acquisition of Ardmore Heritage, a 260-unit multifamily community in Wake Forest, North Carolina. Managing Director Scott Wadler of Berkadia’s Miami office and Senior Managing Director Mitch Sinberg of Berkadia’s Boca Raton office secured the loan on behalf of Beacon Real Estate Group, a real estate investment firm based in Miami.
Berkadia originated and Freddie Mac purchased the 10-year, floating rate loan with 5 years IO.
“We continue to see capital chase population and job growth and this property is a great example. The Research Triangle boasts strong ED-MED economic drivers which are fueled by one of the nation’s most impressive higher education concentrations,” said Wadler. “Adding highly accretive non-recourse debt to the deal profile made for another ideal execution for Beacon.”
Built in 2014, Ardmore Heritage is located at 1747 Alexander Springs. One-, two- and three-bedroom units include granite countertops, vinyl flooring, crown molding, walk-in closets, dishwasher, disposal and washer/dryer. The pet-friendly community includes a package service, pet play area, car wash area, Starbucks Coffee bar, fitness center, swimming pool and clubhouse.
Situated just north of Raleigh, the community is less than 5 minutes away from US1, offering a direct route to Downtown Raleigh and employers in Research Triangle Park, WakeMed, Duke Health, Cisco, IBM, North Carolina State University as well as William Peace University and Saint Augustine’s University. Durham is only a 40-minute drive from the community, offering additional cultural and employment hubs for residents.