IRVINE, Calif. – June 7, 2019 – Berkadia today announced the combined $37.5 million in financing for two multifamily garden-style properties in Stone Mountain, Georgia.
For Ashland Lakeview Apartments, Managing Director Jackson Cloak of Berkadia’s Irvine, California office secured $17.36 million in acquisition financing on behalf of Delaware-based PM Lakeview 255 Stone Mountain LLC, through The Bancorp Bank.
The interest-only adjustable, bridge loan for Ashland Lakeview features a 5.61 percent interest rate, an 80 percent loan-to-value ratio and no amortization. The deal closed on May 29.
Ashland Lakeview was the second part of a two-property acquisition strategy for the buyer/borrower, Praxis Capital. The first property closed last month and was the neighboring 284-unit multifamily property, The Residences at Mountain Lake Apartments. Berkadia secured $20.2 million in financing for the Mountain Lake acquisition. The properties combine for a total of 535-units and over $50 million in capital.
“Praxis had a unique and opportunistic strategy that they were able to execute on in this deal,” said Cloak. “With Mountain Lake consisting of mostly two- and three-bedrooms and Ashland Lakeview being mostly one- and two-bedrooms, the properties naturally complement each other. The acquisition brings Praxis’ total units in the greater Atlanta market to over 1,000, positioning them as a major player in the Atlanta market as they continue to grow across the Southeast.”
Located at 200 Summit Lake Drive, Ashland Lakeview Apartments features 255-units with walk-in closets, fireplaces and balconies or patios. Residents have access to two swimming pools, a fitness center, a tennis court and a playground. The property affords convenient access to downtown Atlanta, which is about 15 miles away.