PPM America Lends $62M on Georgia Multifamily Acquisition
ARC Multifamily Group has nabbed $62.4 million of acquisition financing from PPM America for the purchase of a partially developed garden-style apartment asset in suburban Atlanta, Commercial Observer has learned.
The life insurance company supplied the loan on ARC’s $88.4 million acquisition of the four-phase 420-unit multifamily complex called The Blakely in Pendergrass, Ga., from developer Green River Builders, sources told CO. ARC is under contract to acquire each phase once it receives a certificate of occupancy.
CBRE (CBRE)’s Charlie Clark and Blake Cohen arranged the transaction. CBRE officials declined to comment further on the transaction.
Located at 542 Glen Gee Road about an hour northeast of Atlanta, The Blakely is a garden-style apartment community that upon its four-phase completion will include a mix of one-, two- and three-bedroom units. The property’s amenities will include multiple swimming pools, a theater room, a fitness center, a game room, a fire pit, a playground, and a beer garden featuring an outdoor kitchen with a bar top and outdoor television.
Officials at PPM America and ARC did not immediately return requests for comment.
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