Berkadia Arranges $16.8M Acquisition Loan for Apartment Complex in Hoover, Alabama
HOOVER, ALA. — Berkadia has arranged a $16.8 million acquisition loan on half of MAG Renaissance LLC for Renaissance Galleria, a 224-unit apartment complex in Hoover. Fannie Mae provided the 12-year, fixed-rate loan. Built in 1994, Renaissance Galleria offers one-, two- and three-bedroom floor plans across 16 buildings. Amenities include a swimming pool, 24-hour fitness center and a business center. The property was 94 percent occupied at the time of the sale.