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Atlanta & Southeast  + Finance  |  August 7, 2020
David Cohen
By: David Cohen

OREI Secures $29M Refinancing for Norcross Apartments

Berkadia has arranged a $29.1 million loan on behalf of borrower One Real Estate Investment (OREI) to refinance the Carter @ 4250, a 300-unit apartment community in Norcross, GA.

Built in 1985, the property is located at 4250 Jimmy Carter Blvd. and offers one- and two-bedroom apartments ranging in size from 707 square feet to 1,052 square feet. Amenities include a swimming pool, playground, laundry center, fitness center, business center, sports court and a dog park.

Mitch Sinberg and Brad Williamson of Berkadia secured the 10-year, sub-3% floating-rate financing on behalf of Miami-based OREI. The lender was Freddie Mac. Additionally, Berkadia also sourced a capital group, Electra Capital, to recapitalize one of the sponsor’s equity partners. Electra provided a $3.2 million, 36-month preferred equity investment in the property.

For comments, questions or concerns, please contact David Cohen

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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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