BOCA RATON, FL - Berkadia announces it has arranged $25.775 million in acquisition financing for Waterford Place, a 240-unit multifamily community in Greensboro, North Carolina. Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins and Senior Analyst Abigail Beauchamp of Berkadia’s Boca Raton office secured the loan on behalf of a joint venture between New York-based GMF Capital and Eminent Capital, a real estate investment firm based in Lakewood, New Jersey.
Berkadia originated and Freddie Mac purchased a 10-year, fixed rate loan with 5 years interest only at a competitive interest rate.
“Situated just outside North Carolina’s Research Triangle, the sponsor was able to secure advantageous terms in a low interest rate environment that allows for a compelling hold period complemented by major research universities,” said Sinberg. “The state’s growth forecast also created favorable conditions that will support the borrower’s investment strategy.”
Built in 1997, Waterford Place is located at 101 Shore Lake Drive. One-bedroom units include a dishwasher, disposal, range, washer/dryer and internet access. The pet-friendly community features storage space, a clubhouse, putting green, nature trails, recreation area on Lake Jeanette, fitness center, swimming pool and playground.
Located in the Lake Shore neighborhood of Greensboro, the community is just 15 minutes away from Downtown Greensboro. Nearby employers include the University of North Carolina at Greensboro, North Carolina Agricultural and Technical State University and the Greensboro Science Center. Wendover Avenue is approximately 10 minutes away, offering direct access to the Piedmont Triad International Airport and Winston-Salem.