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Atlanta & Southeast  + Atlanta Metro  + Apartments  | 

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.

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Inside The Story

Berkadia’s Leonhard

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.

  • ◦Financing