Berkadia announced today the sale and financing of Steeplechase, a 126-unit, garden-style multifamily property in Aiken, South Carolina. Mark Boyce, Managing Director, and Blake Coffey, Associate Director of Berkadia’s Charleston office led the $7.7 million sale on behalf of the Atlanta-based seller.
Josh Finley, Director, of Berkadia’s Atlanta office secured $5.775 million in acquisition financing through Freddie Mac on behalf of the New York-based buyer. The 10-year loan featured a 4.04 percent interest rate, 4 years of Interest Only payments, a 30-year amortization schedule and a 75 percent loan-to-value ratio. The deal closed on September 26th.
“Steeplechase was a great transaction. Seller’s team was excellent to work with and has been a great steward of the asset over the years. They’ve consistently ran the property in the mid90’s in occupancy and done everything to maintain the property in great condition. Buyer now has the opportunity to come in and capitalize on the upside available through a light interior renovation,” said Boyce. “Our debt team, led by Josh Finley, was instrumental in a quick closing that took just 45 days.”
“Quad Property Group’s acquisition of the Steeplechase Apartments further expands their continuously growing footprint in the Southeast and represents a sound investment with extensive upside given the 100% untouched interiors that are well postured for a value-add upgrade program,” said Josh Finley. “Quad plans on spending over $500k on interior and exterior upgrades that will easily assist in obtaining the potential for significant rent growth in the market.”
Steeplechase was built in 1976 and features 126-units, 10-building community situated on 9.1 acres.
About Berkadia®
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.
