Berkadia announced today the sale and financing of Village at Heritage Place, a 100-unit, Garden-style multifamily property in Wilson, North Carolina. Mark Boyce, Managing Director, and Blake Coffey, Associate Director of Berkadia’s Charleston office led the $7.05 million sale on behalf of the seller, Pennsylvania-based DLP Realty.

Jimmy Meadows, Associate Director of Berkadia’s Richmond office secured $5.325 million in acquisition financing through Fannie Mae on behalf of the buyer, South Carolina-based Meridian Americas Holdings LLC. The 12-year loan featured a 4.24 percent interest rate, a 30-year amortization schedule and a 75 percent loan-to-value ratio. The deal closed on December 27th.

“We continue to see a strong appetite for value-add in secondary markets of the Carolinas. This stabilized asset will be a great foothold as Meridian Americas begins to build out their multifamily portfolio” said Blake Coffey.

“The transaction gave Fannie Mae the opportunity to lend on a well-located asset in a proven North Carolina submarket while still giving Fannie Mae the ability to capture their mission driven affordable business. The year over year rent growth and the proven value-add program already implemented at the property, were two of the many factors that gave Fannie Mae and Berkadia comfortability in financing the asset. Fannie Mae ended 2019 as one of the leading multifamily lenders, and we do not see their financing appetite for well performing deals changing in 2020. The Berkadia team was able to close the sale and deliver the loan in 39-days from the deal going under contract,” said Jimmy Meadows.

Village at Heritage Place was built in 1970 and features 100-units two miles southwest of Historic Downtown Wilson. Located at 2110 Smallwood St SW, the property affords convenient access to U.S. Highway 301.

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.