Berkadia, a distinguished leader in the commercial real estate sector, is pleased to announce the successful financing of Hawks Landing, a 144-unit garden style multifamily property located in Hickory, North Carolina. The financing, totaling $18.4 million, was secured through Berkadia’s proprietary lending platform by Managing Director Brian Gould, Senior Director Miles Drinkwalter, and Vice President Pat Cunningham of Berkadia DC Metro.
The acquisition financing was arranged on behalf of the buyer, Maryland-based Klein Enterprises, a distinguished fourth-generation real estate company. Klein Enterprises is a 75-year-old company with nearly 60 assets comprising over 6 million square feet, including 3.5 million square feet of commercial properties and approximately 3,000 Class A multifamily units owned or in development. Klein Enterprises purchased the asset in collaboration with RM Communities, an owner of over 2,700 multifamily units.
"The Klein team approached us with a tight closing timeline of just 29 business days," explained Gould. "Berkadia’s proprietary bridge lending program provided the sponsor with a competitive source of interim short-term financing enabling a swift closing to meet our client’s acquisition timeframe.”
“Given suboptimal performance by prior ownership, the Berkadia PLG financing allows our new ownership team the perfect solution to implement a value-add program, improve property performance and enter into a permanent financing at the optimal time,” added Sean Garland, Klein Enterprises’ Chief Investment Officer. "The Berkadia team offered a flawless execution under a very quick turnaround."
Built in 2018, Hawks Landing, located at 2778 2nd East Street, offers residents convenient access to a variety of amenities and attractions in Hickory. The property is just minutes away from vibrant downtown shops, scenic parks, and Lake Hickory. Residents can enjoy a large swimming pool, a poolside sundeck with ample seating, an outdoor BBQ grilling area, a fully equipped fitness center, a fenced pet park, a spacious clubhouse, and a business center.
Strategically located near major employers such as Frye Regional Medical Center, Catawba Valley Medical Center, Lenoir-Rhyne University, and manufacturing giants like CommScope and Corning, Hawks Landing offers residents’ proximity to key employment hubs. Additionally, the property is just an hour from Charlotte, Asheville, and Winston-Salem, providing convenient access to major employers, international transportation hubs, and professional sporting events, while maintaining the small-town charm of Hickory. Nearby attractions include the trails and lakes of Bakers Mountain Park, Geitner Park, and Lake Hickory.
