ATLANTA and SALT LAKE CITY – April 28, 2021 – Berkadia announced today the sale of and financing secured for Cambridge Heights, a 132-unit garden-style multifamily property located in Lithonia, Georgia. Senior Director Judy MacManus, Senior Managing Directors Andrew Mays and Paul Vetter and Director Matt White of Berkadia Atlanta completed the sale on behalf of the seller, New York-based Read Property Group, LLC, and the buyer, Utah-based Sundance Bay. The deal closed on March 24.
Associate Director Maggie Burke of Berkadia Salt Lake City secured a $13.4 million bridge loan through Rialto Capital Management, LLC on behalf of the buyer. The 70 percent loan-to-cost three-year loan provides future funding to facilitate renovations at the property.
“We have seen a great amount of investor activity in the Lithonia market as national and institutional investors continue to search for opportunities,” said MacManus. “Cambridge Heights was a win-win for both the buyer and seller.”
“The 70 percent loan-to-cost bridge financing allowed Sundance Bay to acquire the asset and execute their value-add business plan like they did next door at Harper Grove,” said Burke.” We value our partnership with Sundance Bay and look forward to working with them as they grow their portfolio across the country.”
Located at 6136 Hillandale Drive, Cambridge Heights features two- and three-bedroom floor plans with patios or balconies and in-unit washers and dryers. Community amenities include a swimming pool, a fitness center, an outdoor area with grilling stations, a playground, a clubhouse and a business center. Residents are afforded convenient access to Interstate 20, Covington Highway, The Mall at Stonecrest and employment hubs such as Kaiser Permanente Panola Medical Center and Emory Hillandale Hospital.