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Berkadia Secures $11M Financing for Development of Westside Atlanta MXU Project
Berkadia has secured an $11 million loan for the development of Intrada Westside, a proposed 143-unit, mixed-use, affordable multifamily property on Atlanta’s Westside.
Located in Atlanta’s Grove Park neighborhood at 2174 Donald Lee Hollowell Parkway NW, the property is within 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, 60 and 80 percent of AMI and 25 of the units will receive project-based rent subsidy designated for homeless youth between the ages of 18 and 24.
Carolyn Whatley of Berkadia’s Jupiter, Florida office and Lloyd Griffin and Frank Brown of Berkadia’s Affordable platform secured financing on behalf of the developer, Missouri-based Vecino Group. 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.
- ◦Development
