Berkadia announces it has secured financing for Westside Capital Group’s acquisition of The Lofts at Twenty25, a landmark, 623-unit multifamily high-rise property located in the heart of Atlanta, Ga. Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Shannon Wilson of Berkadia Miami secured financing on behalf of buyer Westside, a real estate investment holding firm based in Miami, Fla., which purchased the property for $136 million. This marks Westside’s entry into the Atlanta market.
Harbor Group International provided the $104.5 million five-year, floating-rate loan, which includes future funding for capital improvements.
“Westside has an uncanny ability to find value in a very dynamic market,” said Foschini. “Even as volatility entered the capital markets, Westside was able to execute on an extremely complex transaction in the contract time-period. The chosen lender in this transaction, Harbor Group, which is also a large owner of real estate, recognized the sponsor’s acumen and provided a loan that stood out in its terms and rate.”
Located at 2025 Peachtree Road, The Lofts at Twenty25 were originally built in 1951 and completely redeveloped in 2021 as a new building. The 16-story building features one-bedroom apartments ranging from 430 square feet to 600 square feet. Unit interiors feature 8- to 10-foot ceilings, wood-style plank flooring, quartz countertops and stainless-steel appliances, track and pendant lighting, and walk-in closets, barn-style doors and stunning skyline views of Midtown and Buckhead. The property amenities include a 5,000-square-foot fitness center, swimming pool, movie theater, convenience store and coffee shop, dog park and dog wash, swimming pool, billiards and game room, office and conference rooms, bike storage, putting green, laundry facility and dry-cleaning service, EV charging stations, and 404 parking spaces.
The property is in a prime location at the intersection of Atlanta’s top two business districts, Buckhead and Midtown. The property is located amongst various residential neighborhoods with homes valued at $1 million and up. Peachtree Road medical corridor, which encompasses 3.6 million square feet of medical space and supports approximately seven thousand medical jobs, is located immediately adjacent. Bobby Jones Golf Course is right next door also. There are a variety of retail and restaurant options nearby and within walking distance including national brands like Fresh Market, Starbucks, CVS, Panera, Houston’s, Benny Hanna’s, Chick-fil-a, as well as many popular local brands.