Berkadia announces it has arranged the $45 million recapitalization of Residences at Lakeview, an 827-unit apartment community in Memphis, Tenn. Senior Managing Director Mitch Sinberg, Managing Directors Brad Williamson, Matthew Robbins and Scott Wadler and Senior Analyst Mike Basinski of Berkadia Miami and Boca Raton secured the financing on behalf of the ownership, a Joint Venture between Atlas Real Estate Partners and West End Capital Group, two private real estate investment firms based in New York and Washington, DC, respectively.
Fannie Mae provided the 10-year, fixed-rate loan with 7-years of interest only payments.
”Atlas-West End acquired this community in February 2021 and recently completed a heavy value-add program that included addressing deferred maintenance, upgrading unit interiors, building a new clubhouse, and rebranding the community,” said Mitch Sinberg. “This loan gives the sponsor a long-term fixed-rate refinancing following the completion of that program.”
Built in 1969 on 46 acres located at 2774 South Mendenhall Road, Residences at Lakeview offers newly renovated one-, two-, three- and four-bedroom apartments ranging from 400 to 1,628 square feet. Individual units feature fully equipped kitchens, high-speed internet access, in-unit washer and dryer, air conditioning and heating and storage units. Community amenities include a newly built clubhouse and pool, fitness center, four playgrounds, a dog park, on-site maintenance and management, package services, scenic views and online portal services.
Situated in the Hickory Hill submarket, Residences at Lakeview is close to I-240 and has convenient access to Shelby Farms Park, Go Ape Zipline and Adventure Park, Hickory Ridge Mall Downtown Memphis, Memphis Zoo and the University of Memphis.