Berkadia Arranges $45M Recap of 827-Unit Community in Memphis
Berkadia has arranged the $45-million recapitalization of Residences at Lakeview, an 827-unit apartment community in Memphis, TN.
Mitch Sinberg, Brad Williamson, Matthew Robbins and Scott Wadler and Mike Basinski of Berkadia secured the financing on behalf of the ownership, Atlas Real Estate Partners and West End Capital Group.
Fannie Mae provided the 10-year, fixed-rate loan with seven years of interest-only payments.
“Atlas-West End acquired this community in February 2021 and recently completed a heavy value-add program,” said Mitch Sinberg. “This loan gives the sponsor a long-term fixed-rate refinancing following the completion of that program.”
Residences at Lakeview was built in 1969 on 46 acres in the Hickory Hill submarket near I-240 and the University of Memphis. Community amenities include a newly built clubhouse and pool, fitness center, four playgrounds, a dog park, on-site maintenance and management, package services and scenic views.
- ◦Financing