By Jeff Hamann
Arcan Capital has purchased a 102-unit apartment community near Atlanta. Previous owner Equity Management Co. sold Parkside Sandy Springs for $10.3 million, according to Yardi Matrix data. The buyer funded the acquisition with a 36-month, $10.5 million floating rate loan held by Hunt Mortgage Group. The financing package allows for two 12-month extensions to the mortgage’s term.
“This loan is comprised of $8.3 million of initial funding that will be used to finance the acquisition of the property and $2.2 million in a future funding commitment that will be used for capital improvements to renovate the property,” said RJ Guttroff, managing director of Hunt Mortgage Group, in a prepared statement.
Located at 300 Carpenter Drive N.E. in Sandy Springs, Ga., the property’s four two- and three-story buildings sit on a 5.4-acre parcel near Interstate 285, 14 miles from downtown Atlanta. The community is positioned amidst a number of retail properties, offering a diverse mix of shopping and dining options. Resident amenities include a swimming pool, two laundry facilities, a playground and about 250 parking spaces. The asset contains a mix of one- and two-bedroom units, ranging in size from 1,100 to 1,300 square feet.
Majority Capital Advisors arranged the financing for Arcan Capital.
Image courtesy of Yardi Matrix