An Easley apartment complex has been acquired in an $87.8 million acquisition that involves 12 other properties across the Southeast.
Berkadia, a Pennsylvania-based commercial real estate investor, announced financing was secured for Infinity Russell Portfolio, an affordable housing portfolio consisting of 13 properties located in Georgia and South Carolina, a Berkadia news release stated. Managing Director Jeff Lawrence of Berkadia Atlanta secured the $87.8 million in acquisition financing on behalf of the borrower, Georgia-based Infinity RE Impact.
“Almost 10 years ago we financed the first deal for the predecessor company to Infinity and my team and I are so excited about Infinity’s growth and development,” said Lawrence in the release. “We are not merely a debt provider, they are our partner. As such, we are focused on assisting them in growing all aspects of their business.”
The two-year bridge loan was financed through Berkadia.
“2022 has been a challenging year to acquire multifamily properties,” said Greg Jones, chief investment officer for Infinity, in the release. “Proper financing in such a volatile market is critical, and Berkadia was an incredible partner all the way to the close. I could not be more appreciative of everyone involved. We have a lot of plans for this portfolio and look forward to watching the Infinity team execute our mission to enhance the lives of the residents in our communities.”
The 13 properties in this portfolio include Crestview Village, at 908 Crestview Road in Easley, the release stated. The 76-unit property features one-, two- and three-bedroom floor plans. Community amenities include a playground and laundry facilities. The property affords residents convenient access to Clemson University, Furman University, Smithfields Country Club and the shops and restaurants near Crestview Road, according to the release.
The other 11 properties in the portfolio are located in Georgia.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, focuses on the commercial real estate industry, offering services to its multifamily and commercial property clients, according to the release.