September 24, 2020
Berkadia has secured $34.2 million in debt and sourced an equity partner in the amount of $11.2 million for the acquisition of a two-property multifamily portfolio in New Orleans.
One Real Estate Investment acquired the 579-unit portfolio, which consists of the 199-unit Whitney Manor at 1117 Whitney Ave. and the 380-unit Westchase Apartments at 1013 Manhattan Blvd. The two garden-style properties were built in 1975 and are located approximately three miles apart in Jefferson Parish.
Mitch Sinberg and Brad Williamson of Berkadia’s South Florida offices arranged the loans through Freddie Mac’s Green Advantage Program. Additionally, Berkadia’s Joint Venture Equity and Structured Capital Group in New York, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, sourced an equity partner for One Real Estate Investment.
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