Berkadia announced the sale and financing of an active adult community in Annapolis, Maryland. Built in 2002, Gardens of Annapolis features 106 units with 42-one bedroom/one-bathroom units, 23 two-bedroom/one-bathroom units and 41 two-bedroom/two-bathroom units. The property has been well-maintained over the last 20 years as a result of consistent capital investment, and has a history of high occupancy and steady performance.
The transaction closed October 11, with Berkadia Seniors Housing & Healthcare facilitating both the investment sales and mortgage banking advisory. Cody Tremper, Dave Fasano, Ross Sanders and Mike Garbers closed the sale on behalf of the seller, Crow Holdings. Austin Sacco, Steve Muth and Alex Rosenfeld 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 loan featured a seven-year term, fixed interest rate and an interest-only period.
