KKR, Carter-Haston Nab $110M in Debt for Resi Acquisition Near Atlanta
Mesa West Capital is lending $110 million to fund KKR and Carter-Haston‘s acquisition of a residential development in the Atlanta suburb of Alpharetta, Ga., according to an announcement from the lender.
The five-year floating-rate loan supports the duo’s purchase of Juncture, a site with 560 garden apartments at 910 Deerfield Crossings Drive in the burgeoning town. The apartments are a mix of one- and two-bedroom units housed in 16 buildings on a 24-acre plot, which also features a swimming pool and a fitness facility.
One-bedroom apartments between 800 and 1,200 square feet start at $1,100 per month, according to the development’s website. Two-bedroom units, the largest of which are just shy of 1,600 square feet, start att $1,460 per month.
Mesa West’s Ronnie Gul said the firm was confident that the suburb’s population and employment growth would bear out a strong housing market.
“The market has always been desirable, but you now have additional job creation,” Gul said, pointing out that Avalon, a large mixed-use development has drawn a surge of new commerce to the suburb SINCE THE second phase opened last year.
Avalon, a 10-minute drive from the Juncture development, features 500,000 square feet of retail, as well as an office building and more than 350 residential units. Microsoft signed a lease for 43,000 square feet of office space at the site in June 2016.
A representative for KKR declined to comment on the deal, and an inquiry to Carter-Haston wasn’t returned.