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Berkadia Secures $51M in Financing for Affordable Housing Project in Jonesboro
Berkadia has secured $51 million in financing for the redevelopment of Riverwood Townhouses, an affordable housing development in Jonesboro, GA.
Located at 681 Flint River Rd, Riverwood Townhouses is a 282-unit, affordable housing development that features one-, two-, three- and four-bedroom units. 100% of the units are rent restricted to 60 percent area median income. The property will be undergoing interior and exterior renovations as part of the re-syndication. The property’s amenities include a business center/computer lab, clubhouse, community room, playground and picnic area. The property was recently acquired by Vitus, a national developer and owner of affordable housing.
Tim Leonhard of Berkadia Affordable Housing secured both $25.9 million of acquisition bridge financing and $25.3 million of permanent financing used to rehabilitate the property. The permanent loan was provided through Freddie Mac’s affordable housing program.
- ◦Financing
