Berkadia secured financing for the acquisition of Emery Bay at Lakepointe, a 360-unit, garden-style apartment community located in Lewisville, Texas, approximately 30 minutes north of Dallas. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s South Florida office, along with Senior Managing Director Robert Falese and Managing Director Matthew Cullison of Berkadia’s Philadelphia office, secured the loan on behalf of the borrower, American Landmark Apartments.
Fannie Mae provided the 10-year, fixed rate loan for $36.59 million, with full-term interest only, through its Green Rewards program.
Built in 1997, Emery Bay at Lakepointe is located at 901 Lakeside Circle and consists of one-, two- and three-bedroom apartments in 12 three-story buildings. Units have new granite countertops, new cabinets, 9- or 10-foot ceilings, and wrap-around patios or balconies. Amenities include a clubhouse with business center and cyber café, fitness center with a yoga room, resort-style swimming pool with spa, volleyball court, bark park, and laundry facility.
American Landmark will carry out approximately $3.5 million in capital improvements on the property, including upgrades to unit interiors and amenity enhancements. In-place average effective rent at Emery Bay is $1,254 per unit, and the property is 94 percent occupied.
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