Berkadia Completes Sale, Secures $17M for Senior Housing
Berkadia closed the sale and financing of Gardens of Annapolis, an active adult community located in the upscale coastal suburb of Annapolis, Maryland.
This 106-unit property is in close proximity to downtown Annapolis and the United States Naval Academy. Berkadia Seniors Housing & Healthcare facilitated both the investment sales and mortgage banking advisory for the transaction. Managing Directors Cody Tremper, Dave Fasano, Ross Sanders, and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the sale on behalf of Crow Holdings.
Managing Directors Austin Sacco and Steve Muth and Assistant Vice President Alec Rosenfeld of Berkadia Seniors Housing & Healthcare secured $17.47 million in acquisition financing through Fannie Mae on behalf of the buyer, a joint venture between Corten Real Estate and Real Asset Industries. The seven-year fixed rate loan features both an attractive interest rate and interest only period.
Built in 2002, Gardens of Annapolis offers a mix of 42 one-bedroom/one-bathroom units, 23 two-bedroom/one-bathroom units, and 41 two-bedroom/two-bathroom units.
