CBRE Provides Senior Loan in $67M Refi for Atlanta-Area Multifamily Community

ARC Multifamily Group has secured $67 million to refinance The Blakely, a 420-unit multifamily community in Pendergrass, Ga., a suburb about 58 miles outside of Downtown Atlanta. 

CBRE (CBRE)’s multifamily lending arm provided the five-year, fixed-rate $58 million Fannie Mae (FNMA) senior loan.  Pensam Capital provided $9 million of preferred equity in the deal. 

Blake Cohen and Charlie Clark of the Atlanta division of CBRE Capital Markets Debt & Structured Finance arranged the financing. 

In a statement, Cohen said that ARC considers The Blakely “the crown jewel” of the firm’s multifamily portfolio. 

“Thanks to the ARC team’s operational expertise, we were able to capitalize on the property’s strong performance and execute a cash-out refinance, resulting in a return of equity to the partnership,” added Cohen. 

Located at 542 Glenn Gee Road, The Blakely sits on 40 acres and is made up of 10 residential buildings with one-, two- and three-bedroom units. Construction began in 2022 and was completed across four phases by July 2023. 

On-site amenities of the community include a resident clubhouse, a pair of resort-style pools, a gaming room, a fitness center, an outdoor barn park, a spa, and charging stations for electric vehicles.

ARC Multifamily Group did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com