Berkadia Closes $73M Sale, Secures $51M Financing for Horizontal BFR in Savannah
Berkadia has completed the sale and secured the financing secured for Beacon Place Godley Station, a 252-unit premier “horizontal” built-for-rent apartment community in Savannah, GA.
Russ Hardy of Berkadia arranged the $73-million sale on behalf of the seller. Richard Levine, also from Berkadia, secured $51-million in acquisition financing on behalf of the buyer, Yakima, WA-based Wilkinson Corporation. The three-year bridge loan was financed through Bridge Investment Group.
“Beacon Place is an exceptional “horizontal” BFR asset in a highly desirable location, minutes from the economic growth and demand drivers in one of the Southeast’s fastest growing markets,” said Hardy. “The unique design of single-story units with garages really resonated with renters in the market and the property experienced an exceptional lease-up with significant rent growth. These factors sparked strong interest from a wide array of potential investors.”
Beacon Place Godley Station sits at 165 W Mulberry Boulevard convenient to Savannah/Hilton Head Regional Airport and offers a pool, fitness center and business center.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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