August 10, 2020
Berkadia has arranged $35 million in financing for the acquisition of two apartment communities in Decatur.
The properties are the 168-unit Domain at Cedar Creek and the 164-unit Gateway at Cedar Brook apartments. Beacon Real Estate Group acquired the two apartments for a combined $46.1 million. Built in 1970 and 1972, respectively, Domain at Cedar Creek and Gateway at Cedar Brook are considered sister communities. They are located within one mile from each other. The previous owner made substantial recent investments to upgrade roofs, siding, HVAC systems and clubhouses at the communities. Both properties are 99% occupied.
Scott Wadler, Mitch Sinberg and Matt Nihan of Berkadia’s South Florida team arranged the financing through lender Fannie Mae. Fannie Mae provided a $19.6 million loan for Domain at Cedar Creek and $16 million in financing for Gateway at Cedar Brook. Both were fixed-rate, 15-year loans, with nine years of interest-only payments. The seller was not disclosed.
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