The 370-unit Reserve at Gwinnett in Norcross was acquired earlier this year through Benefit Street Partners’ purchase of Broadtree Residential, Inc.
Norcross, GA (September 8, 2020) – Berkadia announces it has secured a $37.7 million loan for the refinance of The Reserve at Gwinnett, a 370-unit Class A multifamily community located in Norcross, Georgia. Senior Director Corby Chaffin of Berkadia’s Houston office and Managing Director Michael Weinberg of Berkadia’s Orlando office arranged the financing on behalf Broadtree Residential, Inc.
Freddie Mac provided a 10-year, fixed-rate loan at a 65% loan to value.
Broadtree Residential, Inc. is an open-ended, continuously offered, multifamily fund utilizing a REIT structure designed to offer accredited investors access to multifamily real estate via investment in an institutionally managed private fund. Broadtree Residential, Inc. is managed by Benefit Street Partners L.L.C. a leading credit focused alternative asset management firm with $28 billion in assets under management as of June 30, 2020.
“We are pleased to have a symbiotic relationship with the sponsor on many levels,” commented Weinberg. “Agency financing is so attractive right now that multifamily borrowers are getting great options. Freddie Mac was able to provide incredible terms with a rate sub 3%, fixed for 10 years with significant interest only.”
Michael Comparato, Head of Commercial Real Estate at Benefit Street Partners, commented, “We have a long-standing relationship with Berkadia and are thrilled with their performance and execution on this transaction. This is an excellent refinance for the REIT and its shareholders, locking in long-term, fixed rates at some of the lowest yields in the history of our industry.”
Built in 1999, The Reserve at Gwinnett consists of 14 residential buildings containing one-, two- and three-bedroom units ranging in size from 959 square feet to 1,555 square feet. All units feature open floorplans, walk-in closets, and a patio or balcony. The property also includes 12 attached and 18 detached garages, along with ample surface parking for residents. The community offers numerous attractive amenities, including a modern fitness center, clubhouse and business center, resort-style swimming pool, grilling area, dog park, and lighted tennis courts.
The Reserve at Gwinnett is conveniently located just off I-85, 10 minutes from Gwinnett Village and downtown Norcross, and 30 minutes from Atlanta, Georgia.