June 5, 2019
Berkadia’s JV Equity and Structured Capital Group in New York has secured financing for the acquisition of Park Crossing Apartments, a 280-unit garden-style multifamily community in Lilburn.
Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick of Berkadia introduced the $11.5 million joint venture equity partner to the client, Miami-based One Real Estate Investment LLC. Mitch Sinberg and Brad Williamson, of Berkadia’s South Florida offices, assisted in the debt which included securing $3.2 million in supplemental financing from Fannie Mae and facilitating the assumption of the $18.5 million senior loan.
Located at 2700 Park Crossing Way, Park Crossing Apartments consists of one- and two-bedroom floor plans. Features include balconies, dishwashers, large closets and fireplaces. The community also offers a clubhouse, covered parking, fitness center, tennis courts and swimming pool. The property is about 25 miles away from downtown Atlanta.
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