BIRMINGHAM, Ala. – June 24, 2020 – Berkadia announced today the financing secured for Peppertree and Halcyon Park, two garden-style multifamily properties in Montgomery, Alabama. Managing Director Thomas Genetti of Berkadia’s Birmingham, Alabama office secured the $27.45 million in combined permanent refinancing for the property on behalf of the sponsor.
Both properties were refinanced through two separate 12-year Fannie Mae fixed rate loans with interest rates in the low three percent range and 30-year amortizations. Both deals closed on May 28.
“Closing these two transactions in 22 days from application to the funding date was an incredible exercise in efficiency and teamwork between our repeat sponsor and Fannie Mae,” said Genetti. “Given the challenges of working around COVID-19 related restrictions, everyone worked very well together to ensure the sponsor received a great debt execution, including cash-out, interest only periods and historically low fixed interest rates. The sponsor was very pleased with the outcome.”
Peppertree is located at 8201 Vaughn Road and features one-, two- and three-bedroom floor plans with walk-in closets, in-unit washers and dryers, private patios or balconies and central air conditioning. Community amenities include a swimming pool, a clubhouse, a fitness center, a tennis court, a playground and a car wash station. Residents are afforded convenient access to Auburn University at Montgomery and the shops and restaurants along Vaughn Road.
Halcyon Park, located at 7880 Taylor Park Road, features one-, two- and three-bedroom floor plans with wood-burning fireplaces, in-unit washers and dryers, walk-in closets, central air conditioning and private patios or balconies. Community amenities include a swimming pool, a fitness center, a clubhouse and an outdoor area with grilling stations. Residents are afforded convenient access to the shops and restaurants along Taylor Road and Auburn University at Montgomery.
Two Alabama multifamily properties refinanced for more than $27M | Birmingham Business Journal