Berkadia announces it has arranged a $37 million loan to refinance Ascent at Jones Valley, a 431-unit apartment and townhome community in Huntsville, Alabama. Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Vice President of Originations Lourdes Carranza-Alvarez of Berkadia South Florida arranged the loan on behalf of Georgia-based Wicker Park Capital Management, a privately held real estate investment firm based in Savannah, Georgia.
Fannie Mae provided the fixed-rate, five-year term loan, with partial interest-only, at a 65 percent loan-to-value ratio.
“The expertise and track record of Wicker Park and attractive five-year execution from Fannie Mae provided for a seamless transaction in an otherwise volatile capital markets environment,” said Apone.
“The Jones Valley apartment community is located in one of the hottest metros in the entire U.S,” added Foschini. “It’s in the rapidly expanding Jones Valley corridor of Southeast Huntsville and offers an outstanding opportunity to invest in a proven value-add asset in a top-five market for rent growth.”
Located at 1225 Willowbrook Drive South East, Ascent at Jones Valley was built in 1978 and offers one-, two- and three-bedroom apartments and townhomes that range from 705 square feet to 1,470 square feet. Select units have been remodeled with modern finishes such as granite countertops, new appliances, LVP flooring, subway tiled backsplashes and upgraded bathroom vanities. Community amenities include two swimming pools, a fitness center, a coffee and tea bar, pet park and play area, a playground, a resident business center, a tennis/pickleball court and grilling and picnic areas.
Ascent at Jones Valley is located in the epicenter of “the Silicon Valley of the South,” just minutes away from NASA’s Marshall Space Flight Center, Cummings Research Park, Redstone Arsenal reservation, Huntsville Hospital, The University of Alabama Huntsville, the Valley Hill Golf and Country Club, Downtown Huntsville and the Jones Family Park.