The Carter @ 4250, located outside of Atlanta, was refinanced with $33.12 in debt and $16.55 million in equity 

ATLANTA (October 13, 2021) -- Berkadia announces it has secured debt for the refinance of The Carter @ 4250, a 300-unit apartment community located in Norcross, Georgia, on behalf of Miami-based One Real Estate Investment (OREI). In addition, Berkadia also sourced a capital group to recapitalize the sponsor’s equity partner.  

Senior Managing Director Mitch Sinberg of Berkadia Boca Raton and Managing Director Brad Williamson of Berkadia Miami arranged a $33.12 loan through Freddie Mac. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital lined up an equity partner, MLG Capital, to complete the equity stack for OREI.

Freddie Mac provided a 10-year, floating-rate loan with a competitive rate and five years of interest-only. MLG Capital contributed $16.55 million in equity to the deal. 

“The Carter underwent an extensive value-add program by OREI prior to its recapitalization,” said Williamson. “We are excited to see OREI continue its plan and create value at the property for both the tenants and the new equity partner.”

“OREI has continued to grow its multifamily portfolio and is now over 5,000 units in Texas and the Southeast,” said Jeronimo Hirschfeld, CEO of One Real Estate Investment CEO. “In an effort to capitalize on this dynamic market and deliver superior returns to our investors while still maintaining our portfolio, we opted to recapitalize a strong performing asset in an excellent submarket of Atlanta.”

Berkadia has arranged debt and equity for OREI’s multifamily portfolio expansion several times over the past two years. 

Built in 1985, The Carter 4250 is located at 4250 Jimmy Carter Boulevard and offers one- and two-bedroom apartments ranging from 707 square feet to 1,052 square feet. Individual units feature hardwood-style flooring, stainless steel appliances, a gas range, modern shaker-style cabinetry, large closets, carpeting, electronic thermostats, washer and dryer hookups and patio/balconies. Community amenities include a saltwater swimming pool, a fitness center with free weights, a playground, dog park, laundry center and a BBQ/Picnic area.

It is situated near Interstate I-85 and Jimmy Carter Boulevard providing quick access to downtown Atlanta , minutes away from the Fountain of Gwinnett, Lions Club Park and a half hour away from the Hartsfield-Jackson Atlanta International Airport.

Allied Orion Group (AOG) has been tapped to manage Lotus Village Apartments, a 222-unit apartment community in Northeast Austin. The firm is further expanding its growing management portfolio and presence in the Austin market. 

Located approximately eight miles north of downtown Austin at 300 Ferguson Drive, Lotus Village Apartments is situated close to I-35 and W. Braker Lane in the North Lamar neighborhood.  Conveniently located to major employers, hospitals, parks, Austin Community College, University of Texas, and numerous retail, dining, and entertainment options.

Lotus Village offers residents one, two, and three-bedroom apartment homes with a wide array of amenities, including a pool, fitness center, picnic areas, clubhouse with billiards, bark park, playground, business center, as well as corporate housing availability. 

Owned by One Real Estate Investment (OREI), Lotus Village features five floor plans, ranging from approximately 700 to 1,239 square feet of living space.  Apartment features include dine-in kitchens, wood-style flooring, ceiling fans, window coverings, 9-foot ceilings, in-unit washer and dryers, optional garages, and balconies/patios.

“We selected AOG to manage Lotus Village because of our thriving and ever-growing management partnership as well as their proven track record and expertise in the Austin market,” said Brad Schwartzmann, Vice President of Asset Management for OREI. 

“We are now managing approximately 1,725 units across eight communities for OREI in multiple markets throughout Texas and are pleased our relationship continues to grow. We are grateful for their continued trust and faith in our management team,” said Loyal Proffitt, President of Allied Orion Group. 

One Real Estate Investment (OREI) acquired Whitney Manor and Westchase Apartments, 597 units in total, for a combined $45.7 million

New Orleans (September 23, 2020) – Berkadia announces it has secured debt and sourced an equity partner for the acquisition of a multifamily portfolio consisting of two properties in New Orleans, Louisiana,  totaling 579 units. One Real Estate Investment (OREI) acquired the 199-unit Whitney Manor and 380-unit Westchase Apartments, both located approximately three miles apart in Jefferson Parish, for a combined $45.7 million. Berkadia lined up $34.19 million in debt and $11.2 million in equity on behalf of OREI to complete the acquisition.

Senior Managing Director Mitch Sinberg and Managing Director Brad Williamson of Berkadia’s South Florida offices arranged the loans through Freddie Mac’s Green Advantage Program.  Berkadia’s Joint Venture Equity and Structured Capital Group in New York, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, sourced an equity partner. This is the third time this year that Berkadia has arranged both debt and equity to assist OREI with the expansion of its multifamily portfolio in the Southeast and Texas

Berkadia originated a $23.29 million loan on the $31.06 million purchase of Westchase Apartments. The 10-year, fixed-rate loan includes four years interest only. Whitney Manor, which OREI purchased for $14.63 million, received a $10.9 million, 10-year fixed-rate loan, with three years interest only.

“The incredible location and high occupancy at these two assets, along with the fact that there has been no workforce multifamily development in this market in over a decade, presented OREI with a compelling value-add opportunity,” said Williamson.

“Our firm has a lot of confidence in OREI’s ability to source intriguing opportunities and we were excited to work on finding them an institutional equity partner that would understand the market dynamics in New Orleans,” added Franklin.

Jeronimo Hirschfeld, President and CEO of OREI, added, “New Orleans is a strategic market for OREI, as we complete our coverage of the majority of 18-hour cities in Texas and the Southeast. These two opportunities not only provide OREI a strong footprint in an exciting market experiencing newly renovated growth, but also have the ability to deliver strong cash-on-cash and total returns to our investment partners.”

Located at 1117 Whitney Avenue, Whitney Manor is a two-story, garden-style apartment property built in 1975 with one-, two-, and three-bedroom units ranging from 700 square feet to 1,200 square feet. Cable-ready units feature air conditioning, carpet, ceiling fans, dishwasher, heating, range, refrigerator, tile floors, mini blinds, balcony/patio, and window coverings. The property offers 200 surface parking lots.

Located at 1013 Manhattan Boulevard, Westchase Apartments is a two- and three-story garden-style apartment community built in 1975 offering one- and two-bedroom floor plans ranging from 858 square feet to 1,192 square feet. Unit amenities include central/air heating, black appliances, carpet, dishwasher, high speed internet access, fully equipped kitchen with microwave, walk-in closets, wheelchair accessible (rooms), and ceramic tiled bathrooms, entryways, kitchens, & shower walls. Select units have ceiling fans, expanded bathroom vanities, kitchen breakfast bar, private balcony/patio, and a washer/dryer. Community amenities include s two-story community room, two swimming pools, two laundry facilities, modern stucco exterior, breakfast/coffee concierge, courtyard, fitness center, and a business center. The property offers 425 surface parking spaces.

Whitney Manor and Westchase Apartments are located approximately 7 miles from New Orleans’ French Quarter, less than 10 miles from Loyola University, Tulane University and Louisiana State University, and less than five miles from West Jefferson Medical Center. Louis Armstrong New Orleans International Airport is 20 miles from the property.

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Norcross, GA (August 10, 2020) – Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a preferred equity investment for the refinancing of The Carter @ 4250, a 300-unit apartment community located in Norcross, Georgia. One Real Estate Investment (OREI), a real estate investment and asset management firm based in Miami, owns the property. 

Electra’s $3.25 million, 36-month preferred equity investment was structured behind a first mortgage through Freddie Mac and allows the sponsor to refinance the property and complete the renovations, including interior renovations to each unit and exterior renovations to the buildings and grounds. Berkadia arranged both the debt and equity for the transaction.

Electra Capital provides bridge loans from $10 million to $150 million, and mezzanine loans and preferred equity in the range of $5 million to $30 million. This is the second time this year that Electra Capital has worked with OREI; in May of this year, Electra provided $4.09 million in preferred equity for OREI’s acquisition of Element at University Park, a 192-unit apartment community in College Station, Texas.

 “Electra continues to provide a vital source of capital to the multifamily industry as we enter the second half of 2020 with a lot of uncertainty and volatility in the market,” said Samuel J. Greenblatt, Electra Capital’s CEO. “We were able to structure and close this deal in eleven days thanks to the sponsor’s strength and our track record and experience in the market.” 

 Jeronimo Hirschfeld, President and CEO of OREI, added, “OREI is pleased to build on our relationship with Electra Capital as an equity partner. The Carter has seen significant appreciation since buying 18 months ago and we were able to capture some of that value for our partners via a refinance / recap of the preferred equity.”

 Originally built in 1985, the Carter @ 4250 is situated at 4250 Jimmy Carter Boulevard. Located under ten minutes away from a variety of restaurants, apartment communities, churches, salons, and stores, the community’s one- and two-bedroom units include variety of personal amenities. Community amenities feature a swimming pool, on-site management, a playground, free weights, a BBQ/picnic area, on-site maintenance, a clubhouse, a laundry center, a fitness center, a club discount, a business center, a sports court, and a dog park.

 About Electra Capital

Electra Capital is a privately owned, alternative lender specializing in multifamily financing solutions, providing short-term capital and advisory services to middle-market real estate firms. Back by its affiliates – including Electra America, American Landmark Apartments, and Electra Real Estate Ltd. – Electra Capital’s investment strategy is highly disciplined and deeply rooted in decades of industry, financial and property management experience. Visit www.electracapital.com.

The Carter @ 4250, located outside of Atlanta, consists of 300 apartments

Norcross, GA (August 10, 2020) – Berkadia announces it has secured debt for the refinance of The Carter @ 4250, a 300-unit apartment community located in Norcross, Georgia, on behalf of the sponsor, Miami-based One Real Estate Investment (OREI). In addition, Berkadia also sourced a capital group to recapitalize one of the sponsor’s equity partners.  

 Senior Managing Director Mitch Sinberg of Berkadia’s Boca Raton office, along with Managing Director Brad Williamson of Berkadia’s Miami office, arranged a $29.135 million loan through Freddie Mac. Berkadia’s Joint Venture Equity and Structured Capital Group in New York, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, lined up an institutional-quality equity partner, Electra Capital, to complete the equity stack for OREI.

 Freddie Mac provided a 10-year, sub 3% floating-rate loan with five years interest only and a 75% percent loan to value. The proceeds were used to refinance the existing bridge loan and recapitalize the deal.

 This is the second time this year that Berkadia has arranged debt and sourced equity for an OREI property. In May, Berkadia also arranged senior debt and a $4.09 million preferred equity investment through Electra Capital for OREI’s acquisition of Element at University Park, a 192-unit apartment community in College Station, Texas.

 “This loan replaced a bridge loan, and through Freddie Mac we were able to significantly lower OREI’s cost of capital, increase proceeds by over a half million dollars post application, and ultimately help them execute their business plan,” said Williamson. “We also closed in an expedited fashion.”

  “In both transactions, Electra Capital was able to move quickly with favorable terms for the sponsor,” said Kirkpatrick.

Jeronimo Hirschfeld, President and CEO of OREI, added, “With this refinance and three acquisitions, OREI is pleased to announce that we have closed on our fourth transaction during the coronavirus pandemic. With excellent partners we continue to grow our portfolio of 200+ unit value-add multifamily assets throughout Texas and the Southeast in this challenging environment.”

 Built in 1985, The Carter @ 4250 is situated at 4250 Jimmy Carter Boulevard and offers one- and two-bedroom apartments ranging in size from 707 square feet to 1,052 square feet. It is located less than ten minutes away from a variety of restaurants, apartment communities, churches, salons, and stores. Community amenities feature a swimming pool, on-site management, a playground, free weights, a BBQ/picnic area, on-site maintenance, a clubhouse, a laundry center, a fitness center, a club discount, a business center, a sports court, and a dog park.

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Allied Orion Group has been chosen to manage The Plaza at Windsor Hills, a 200-unit apartment community in the Windsor Hills area of Austin, Texas. Formerly known as Mira Vista Apartments, the firm has rebranded the community to highlight the prime location in the heart of Austin and is about to oversee a value-add renovation. Allied Orion Group continues to expand its management portfolio in Austin and the Texas Hill Country region. 

 Located at 9601 Middle Fiskville Road near E. Rundberg Lane, The Plaza at Windsor Hills offers one and two-bedroom apartment homes convenient to I-35, a major public transit station, downtown Austin and surrounding area employers.  The pet-friendly, family-friendly community is zoned to Graham Elementary, Dobie Middle School and Reagan High School in the Austin Independent School District. 

The Plaza at Windsor Hills is owned by Mira Vista Holdco, LLC, a subsidiary of One Real Estate Investment. Amenities include a resort-style pool, outdoor barbecue grilling station, courtyard, playground, and clubhouse with a business center. A Bark Park will be added in the coming months.  Floor plans range from 650-950 square feet and feature faux wood flooring, plush carpeting, fireplaces, black appliance packages, upgraded lighting, electronic thermostats, ceiling fans, and washer/dryer hookups. In-unit washer/dryers are also available as options in some apartments. 

“One Real Estate Investment (OREI) is happy to announce its expansion to the third city within Texas and to continue our growing relationship with Allied Orion Group as our property management partner,” said Jeronimo Hirschfeld, President/CEO of OREI. “With more than 2,000 units acquired so far in 2019, OREI has added another 200 units to its value-add portfolio and is looking for additional 1980s or newer 200+ unit properties in Texas and the Southeastern United States.”  

“We are excited about our recent expansion in the Austin market and to continue our management partnership with Mira Vista Holdco, LLC,” said Loyal Proffitt, President of Allied Orion Group.