Berkadia announces it has secured $25.25 million in financing for the acquisition of River Walk Savannah, a 220-unit apartment home community in Savannah, Georgia. Senior Managing Director Mitch Sinberg, Director of Operations Jared Hill and Associate Director Matt Robbins of Berkadia Boca Raton arranged the financing on behalf of the buyer, an affiliate of real estate private equity firm Vantage Point Acquisitions.
Bridge Investment Group originated the three-year, full-term interest-only loan with an aggressive floating rate and two one-year extension options. The loan includes $24.75 million in initial funding, with $500,000 in future funding for capital improvements.
“Rising home prices in Savannah, combined with population growth, continue to generate strong apartment demand in the metro area,” said Robbins. “River Walk Savannah offers the new owner considerable room to grow rents following renovations and upgrades.”
“River Walk Savannah represents an excellent opportunity for residents seeking quality affordable living in the Georgetown submarket,” said Andrew Cushman of Vantage Point Acquisitions.
Built in 1989 and located at 101 Saint George Boulevard, the River Walk Savannah offers one- and two-bedroom apartments ranging from 539 square feet to 1,000 square feet. Individual units feature hardwood floors, granite countertops, stainless steel appliances, an island kitchen, a fireplace, large bedrooms, vaulted ceilings, walk-in closets and in-unit washer and dryers. Community amenities include a pool, fitness center, clubhouse with Wi-Fi, laundry facilities, a car washing station, pickle ball courts and biking trails.
Located in Savannah’s South Side, River Walk Savannah is near the Coastal Georgia Botanical Gardens and 20 minutes away from the Hilton Head International airport.