By Laura Calugar
Arbor Realty Trust Inc. funded a $15.4 million loan for the purchase of Pressley Ridge Apartment Homes in Charlotte, N.C., under the Fannie Mae Standard DUS Loan program. According to Yardi Matrix data, Blackfin Real Estate Investors acquired the asset from Zephyr Management.
Located at 1210 Pressley Road in southwest Charlotte, the fully affordable property is situated along a Charlotte Area Transit System bus line in close proximity to the uptown area as well as its dining and shopping options. The asset provides easy access to the new community center, playground and soccer field.
Favorable financing terms
The acquisition loan represents 80 percent of the purchase price and features a 24-month interest-only term. James Fiesel from Arbor’s New York office originated the deal.
“The favorable financing terms we were able to provide are reflective of both the asset and sponsorship group we were working with. This asset, in this market, has great upside and the new owners have a long track record of successful execution,” said Fiesel, in prepared remarks.
Pressley Ridge Apartment Homes features 176 one-, 225 two- and 103 three-bedroom units. Built in 1969, the asset has 44 two-story buildings. Amenities include picnic grills, a washer/dryer in every unit and 900 parking spaces. The asset last traded back in 1998 for $8.2 million.
Images courtesy of pressleyridgeapts.com.