Berkadia announced today the financing for the development ofIntrada Westside, a proposed143-unit, mixed-use, affordable multifamily property in Atlanta, Georgia.Managing Director Carolyn Whatley of Berkadia’s Jupiter, Florida office and Managing Director Lloyd Griffin and Senior Director Frank Brown of Berkadia’s Affordable platform secured financing on behalf of the developer,Missouri-based Vecino Group.The deal closed on March 4.
The $11 million forward commitment for permanent financing through Fannie Mae’s M.TEB Program is a 15-year loan with a 35-year amortization schedule.
“Vecino’s President of Affordable Housing Development, Sharon D. Guest, worked diligently to bring together this public and private partnership that included Department of Community Affairs, Invest Atlanta, Partners for H.O.M.E. and Atlanta Housing,” said Whatley. “The team displayed near superhero powers, coupled with patience and perseverance, to overcome a number of challenges.”
Intrada Westside’s site is in a Qualified Census Tract, Opportunity Zone and the Hollowell TAD. The property will be constructed over a period of 18 months. The affordable restrictions will accommodate families who earn 50, 60and 80 percent of AMI and25 of the units will receive project-based rent subsidy designated for homeless youth between the ages of 18 and 24.
Located in Grove Park at 2174 Donald Lee Hollowell Parkway NW, the site affords convenient access to Donald Lee Hollowell Parkway Northwest, which connects the primary area to downtown Atlanta. Amenities will include a state-of-the-art leasing center that includes spaces for a fitness and business center. The project will have a central laundry room, elevators and exterior amenities that include a playground, picnic and outdoor seating areas. The development also has 9,000 square feet of retail space.
Grove Parkhas seen tremendous redevelopment with over $200 million invested and another $250 million projected by public private partnerships for new development projects that include a Westside Reservoir Park, which will include a new school, early learning centerand health clinic. In addition, the Emerald Corridor Initiativeincludes a7-mile bike trailthat will run from Proctor Creek to the Chattahoochee.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.
