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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.
- ◦Sale/Acquisition
