Berkadia Seniors Housing & Healthcare Completes Sale and Secures $17.47M in Acquisition Financing for an Active Adult Community in Annapolis, Maryland
Annapolis, Maryland – October 22, 2024 – Berkadia announced today the sale and financing of Gardens of Annapolis, an active adult community located in the upscale coastal suburb of Annapolis, Maryland. This 106-unit property, situated in close proximity to historic Downtown Annapolis and the United States Naval Academy, closed on October 11. Berkadia Seniors Housing & Healthcare facilitated both the investment sales and mortgage banking advisory for the transaction.
Managing Directors Cody Tremper, Dave Fasano, Ross Sanders, and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the sale on behalf of Crow Holdings, a Texas-based real estate investment and development firm.
Managing Directors Austin Sacco and Steve Muth and Assistant Vice President Alec Rosenfeld of Berkadia Seniors Housing & Healthcare secured $17.47 million in acquisition financing through Fannie Mae on behalf of the buyer, a joint venture between Corten Real Estate and Real Asset Industries. The seven-year fixed rate loan features both an attractive interest rate and interest only period.
Built in 2002, Gardens of Annapolis offers a mix of 42 one-bedroom/one-bathroom units, 23 two-bedroom/one-bathroom units, and 41 two-bedroom/two-bathroom units. The property has been well-maintained over the past 20 years thanks to consistent capital investment. It enjoys a strong reputation in the local market with a history of high occupancy and steady performance.
Berkadia Seniors Housing & Healthcare leads the industry in innovative and comprehensive solutions for even the most complex independent living, assisted living, memory care and skilled nursing projects across the country. In addition to deep market knowledge, the group offers a full set of advisory, underwriting, loan origination services and products including FHA, Fannie Mae, Freddie Mac, Life Company, Proprietary Bridge Lending, and Capital Markets Advisory Services.
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