Summerdale Commons Apartments
Case Study: Affordable Housing
Property Info
Property Objectives
Affordable housing is a crisis nationally, and it’s no different in the city of Atlanta. There’s only so much new Affordable housing that can be created and the existing stock of Affordable housing is fixed. Summerdale’s affordability needed to be preserved in order to provide continuous affordability to the families that live there.
Berkadia Solution
Summerdale is part of TriStar’s EduHousing model. In this model, TriStar purchases communities in failing school districts and uses the housing to be an integral part of improving education outcomes where they’re located. The ability to restrict rents and provide quality affordable housing mixed with an education outcome is unique. In this instance, TriStar and Berkadia converted a market-rate property to an Affordable housing property in a neighborhood that needed Affordable housing.
Client Results
Berkadia guided TriStar through creative financing solutions that allowed them to keep rents affordable for families living there. Keeping children in their homes and in their school districts gives them a higher chance of graduating high school and improves the likelihood of them getting higher education. TriStar used the financing secured by Berkadia to renovate the apartments which resulted in a community of choice for their residents and kept them in their homes and in their school district.
Mortgage Banking
Berkadia Affordable Housing
Partnering with Berkadia Affordable Housing comes with our promise to provide clear and steady guidance from start to finish. Whether you’re looking to preserve and enhance existing affordable homes or create beautiful new properties, we look forward to partnering with you on this vital mission.
Learn more about Berkadia Affordable Housing.
Client Stories
Sunburst
Apartments
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.
551 W PRENTICE AVE
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.
RESEARCH, INSIGHTS AND NEWS
Access the latest market-driven insights, research and news from Berkadia.
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