Grant Street Funding Refis Atlanta Multifamily Properties with $60M Loan
Grant Street Funding supplied a $60 million debt package to Ventron Realty to refinance two garden-style apartment assets in suburban Atlanta, Commercial Observer has learned.
The debt fund lender provided the 10-year, fixed-rate loan on Ventron’s Embarcadero Club and Walden Brook properties that total 660 units. CBRE Capital Markets’ Paul Ahmed and Mackenzie Lampman arranged the transaction.
“Both properties have experienced significant rent growth and consistently high occupancy levels due to the demand for apartments,” Ahmed, a senior vice president at CBRE, said in a statement. “We were able to leverage the organic rent growth and strong operating history to demonstrate the significant value enhancements created by both the borrower and the market, which resulted in the arrangement of two cash-out loans with favorable rates held by the lender during a rising interest rate environment.”
The 1974-built Embarcadero Club comprises 404 units located at 2210 Sullivan Road in College Park, Ga. about 10 miles south of Atlanta. Its amenities include a pool, fitness center, business center, clubhouse with conference room, dog park and children’s playground.
Built in 2003, Walden Brook features 256 units at 100 Walden Brook Drive in Lithonia around 20 miles east of Atlanta. Amenities on the controlled-access property include picnic areas and grills, a pool, fitness center, business center, children’s playground and walking trails.
Ventron acquired the properties in 2006 and implemented capital improvements including new flooring, kitchen appliances, counter-tops and bathrooms along with renovating the properties amenities.
Officials for Grant Street Funding and Ventron did not immediately return requests for comment.
Andrew Coen can be reached at firstname.lastname@example.org.