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Atlanta & Southeast  + Southeast  + Apartments  |  May 27, 2021
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By: David Cohen

Berkadia Secures $17M Acquisition Loan for Alabama MF Property

Berkadia has secured a $16.5 million acquisition loan for Sevilla Place Apartments, a 120-unit multifamily property in Foley, AL.

Located at 3151 Boulevard De Sevilla Blvd., the property was built in 2019 and is 98 percent occupied. It consists of 120 units with a mix of one-, two-, and three-bedroom floorplans. The property affords access to nearby retail shops and entertainment venues as well as convenient access to US-98.

Josh Finley of Berkadia’s Atlanta office secured the financing on behalf of the buyer, Georgia-based Henssler Capital. The lender was Fannie Mae. The 10-year loan featured 5 years of interest-only payments, a 30-year amortization schedule and a 75 percent loan-to-value ratio.

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Berkadia’s Finley

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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