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August 7, 2020 Comments Off on OREI Secures $29M Refinancing for Norcross Apartments Views: 741 Atlanta Metro, Atlanta News, Top Atlanta

OREI Secures $29M Refinancing for Norcross Apartments

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Berkadia has arranged a $29.1 million loan on behalf of borrower One Real Estate Investment (OREI) to refinance the Carter @ 4250, a 300-unit apartment community in Norcross, GA.

Built in 1985, the property is located at 4250 Jimmy Carter Blvd. and offers one- and two-bedroom apartments ranging in size from 707 square feet to 1,052 square feet. Amenities include a swimming pool, playground, laundry center, fitness center, business center, sports court and a dog park.

Mitch Sinberg and Brad Williamson of Berkadia secured the 10-year, sub-3% floating-rate financing on behalf of Miami-based OREI. The lender was Freddie Mac. Additionally, Berkadia also sourced a capital group, Electra Capital, to recapitalize one of the sponsor’s equity partners. Electra provided a $3.2 million, 36-month preferred equity investment in the property.

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