ANNAPOLIS, Md. — Berkadia Seniors Housing & Healthcare has brokered the sale of Gardens of Annapolis, an active adult community located in the upscale coastal city of Annapolis. The brokerage firm also secured $17.4 million in acquisition financing through Fannie Mae on behalf of the buyer, a joint venture between Corten Real Estate and Real Asset Industries. The seller was Crow Holdings, a Texas-based real estate investment and development firm.
The seven-year, fixed-rate acquisition loan provided to the joint venture features both an attractive interest rate and interest-only period, according to Berkadia.
The 106-unit Gardens of Annapolis is near historic downtown Annapolis and the U.S. Naval Academy. Built in 2002, the property features a mix of 42 one-bedroom, one-bathroom units; 23 two-bedroom, one-bathroom units; and 41 two-bedroom, two-bathroom units.
The active adult community has been well-maintained over the past 20 years as a result of consistent capital investment, and it enjoys a strong reputation in the local market with a history of high occupancy and steady performance.
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, Steve Muth and assistant vice president Alec Rosenfeld secured the acquisition financing.Berkadia is a joint venture of Berkshire Hathaway and Jefferies Financial Group.