Working on behalf of an affiliate of Grubb Properties, Greystone Bassuk has secured a $36.5 million construction-to-permanent loan. The borrower will use the loan to finance the development of Link Apartments Grant Park, a five-story, 246-unit luxury project in Atlanta. Aegon Real Assets U.S. originated the 20-year, fixed-rate mortgage through its correspondent, Bellwether Enterprise.
The project is a redevelopment of Arts Exchange/Glencastle. The construction will take place on the site of a former 1930s school building that was most recently home to the Atlanta Arts Exchange. According to Yardi Matrix data, Grant Park is Grubb Properties’ 11th Link Apartments project, six of which are planned or currently under development.
Located at 750 Kalb St. SE in Atlanta’s Grant Park neighborhood, the property is right near Interstate 20 and close to Interstate 85, with the city park within walking distance.
Link Apartments Grant Park is expected to consist of an apartment building plus a three-story townhouse property, constructed on a 4-acre parcel. The project is set to feature a resident clubhouse, game room, fitness center, yoga center, outdoor terrace and pedestrian esplanade. According to Yardi Matrix, the property is also slated to include 162,000 square feet of office, almost 18,500 square feet of retail, as well as 720 parking spaces.
Greystone Bassuk Executive Managing Director Paul Fried and Vice President Matthew Hirsch led the debt placement for the transaction. In January, Greystone Bassuk also arranged a $200 million permanent loan to refinance a Manhattan luxury rental community.
Image courtesy of Greystone