H.I.G. Lends $69M on Atlanta Apartment Asset Acquisition
By Andrew Coen March 10, 2022 4:04 pm
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MSC Investments has landed $69 million of acquisition financing for the purchase of an Atlanta multifamily property, Commercial Observer has learned.
H.I.G. Realty Partners provided the loan for MSC to acquire Virginia Highlands Apartments, sources told CO. The three-year non-recourse, interest-only loan features an interest rate below 4 percent and allows for funding up to 83 percent of the total loan-to-cost.
Meridian Capital Group arranged the transaction with a team led by Peter Martz, Noam Kaminetzky and Jason Grimm out of the company’s Boca Raton, Fla. office.
“Despite market volatility as a result of unanticipated world events, including the Russian invasion of Ukraine, we were able to close this loan without issues or adjustments,” Martz said in a statement.
Located at 609 Virginia Avenue Northeast, the property is one of only two multi-housing rental communities in the historic Virginia Highland neighborhood. The property underwent renovations in the summer of 2020 with luxury upgrades in 40 percent of the units.
Officials for MSC Investments and H.I.G. did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
