Berkadia Arranges $37M Financing on Huntsville Multifamily
Berkadia arranged a $37-million loan to refinance Ascent at Jones Valley, a 431-unit apartment and townhome community in Huntsville, AL. Senior managing director Charles Foschini, managing director Christopher Apone and VP of originations Lourdes Carranza-Alvarez of Berkadia South Florida arranged the loan on behalf of Wicker Park Capital Management, a privately held real estate investment firm based in Savannah, GA.
Fannie Mae provided the fixed-rate, five-year term loan, with partial interest-only, at a 65 percent loan-to-value ratio.
“The expertise and track record of Wicker Park and attractive five-year execution from Fannie Mae provided for a seamless transaction in an otherwise volatile capital markets environment,” said Apone.
Foschini added, “The Jones Valley apartment community is located in one of the hottest metros in the entire U.S. It’s in the rapidly expanding Jones Valley corridor of Southeast Huntsville and offers an outstanding opportunity to invest in a proven value-add asset in a top-five market for rent growth.”
- ◦Financing
