Berkadia announces it has procured financing for the recapitalization of Liberty Club Apartments, a new 240-unit, garden-style apartment community located in Hinesville, Georgia. Managing Director Michael Weinberg and Associate Directors Alec Fox and Wesley Moczul of Berkadia’s Orlando office secured the $24.01 million loan on behalf of the sponsor, Hillpointe, a fully integrated real estate development and investment management firm focused on workforce housing opportunities in the southeastern United States.
Fannie Mae provided the twelve-year, fixed-rate loan with five-years interest only and a 70 percent loan to value. Proceeds will be used to retire the existing construction loan and enhance Hillpointe’s ability to finance future developments.
“Even through the COVID-19 pandemic, the property experienced an unprecedented lease-up phase due to overwhelming market acceptance and pent-up demand for new product in the market,” said Weinberg. “Given the tremendous demand, Hillpointe was able to outperform initial proforma rents and lease the project to full occupancy within a matter of months. We are pleased to be partnered with a great developer like Hillpointe and look forward to more successful deals in the future.”
Located at 915 East General Stewart Way, Liberty Club Apartments was built in 2019, and consists of 9 residential buildings, 11 garage buildings, and a clubhouse. Two-bedroom/two-bathroom floor plans average 1,153 square feet. Community amenities include a resort- style pool, clubhouse and fitness center, dog park, and fishing ponds.
Liberty Club Apartments enjoys a desirable location less than 3 miles from Fort Stewart, the largest Army installation east of the Mississippi River, and less than 20 minutes away from I-95. The property is located immediately adjacent to a Walmart Neighborhood Market and is in close proximity to Liberty Regional Medical Center (2.3 miles) and Savannah Technical College (6.8 miles).
About Hillpointe:
Hillpointe is a fully integrated real estate development and investment management firm based in Winter Park, FL. Hillpointe focuses on workforce housing opportunities primarily in secondary markets throughout the Southeastern United States. The firm employs a vertically integrated strategy to fully control the development, general contracting, and materials sourcing of their projects which allows them to deliver new product at a significant discount to market replacement costs. Over the past two decades, Hillpointe’s principals have developed in excess of 4,000 housing units. https://www.hillpointe.com/
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
