Finance   ·   Refinance

Greystar Refis Apartments in Austin and Atlanta With $126M Loan

reprints


A joint venture between Myers Apartment Group and Torchlight Investors has sealed a $125.5 million loan to refinance a multifamily portfolio in Texas and Georgia, Commercial Observer can first report.

Greystar provided the loan for the sponsorship’s MAG portfolio comprising nearly 800 garden-style apartments units in Austin, Texas, and the Atlanta metropolitan region.

SEE ALSO: Dwight Capital Refis Carson City Apartments With $30M HUD Loan

“This financing underscores Greystar’s commitment to supporting strong sponsors in markets where demand for quality rental housing remains high,” Patrick Reilly, managing director at Greystar, said in a statement. “The MAG portfolio reflects well-located, thoughtfully designed communities that will continue to attract residents and create long-term value.”

JLL arranged the transaction with a team consisting of Gerard Sansosti, Peter Rotchford, Nicco Lupo and Clayton Ross.

The portfolio features Citadel at Tech Ridge in Austin; Highlands at Sweetwater Creek in Duluth, Ga.; and Symphony at Suwanee Creek in Suwanee, Ga.. The properties were developed between 2019 and 2021 and have a combined 91.7 percent occupancy rate, according to JLL.  

Located at 1127 Pearl Retreat Lane in Austin’s Tech Ridge neighborhood, the 308-unit Citadel at Tech Ridge is 12 miles from Downtown Austin. Community amenities include a swimming pool, resident clubhouse and business lounge. 

The 290-unit Highlands at Sweetwater Creek at 2789 Satellite Boulevard is 25 miles northeast of Downtown Atlanta. Property amenities include a fitness center, a pool with sun deck, electric vehicle charging stations and a dog wash station 

Symphony at Suwanee Creek on 1630 Peachtree Industrial Boulevard is 30 miles from Downtown Atlanta. Its amenities include a pool, pickleball courts and EV charging stations.  

Jeremy Myers, principal at Myers Apartment Group, said in a statement that JLL “effectively secured Greystar as the ideal lending partner” and brought the financing “to a successful close.”

Torchlight Investors did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com