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BIRMINGHAM, ALA. — Hendricks-Berkadia has arranged the $18.3 million sale of Madison at Shoal Run, a 276-unit apartment community located in Birmingham. The purchased involved the assumption of an existing Freddie Mac loan fixed at 6.1 percent with an approximate balance of $13 million. David Oakley of Hendricks-Berkadia's Alabama office represented both the seller, Alabama-based Madison at Shoal Run LLC, and the buyer, New York-based TEG Madison at Shoal Run LLC, in the transaction.