Graycliff Capital has sold Standifer Place, a 240-unit apartment property in Chattanooga, Tenn., in one of Hamilton County’s largest multifamily deals on record. The property at 3400 Jenkins Road was acquired by Dominion Group for $35 million, according to a report in the Chattanooga Times Free Press.
Grandbridge Real Estate Capital originated and closed a $26 million loan for the acquisition, the subsidiary of Truist Financial Corp. announced. Senior Vice Presidents Bill Mattice and Phillip Cox and Assistant Vice President Paul McDonald arranged the permanent, floating-rate, non-recourse loan, which was funded through Freddie Mac’s Standard Delivery program. The transaction features a 10-year balloon and 36-month interest-only period, followed by a 30-year amortization.
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Built in 1998, Standifer Place is more than 95 percent occupied and offers one-, two- and three-bedroom units across 10 buildings on a 26.5-acre site. The buildings have heights of two, three and four stories. Community amenities include a fitness center, business center, clubhouse and swimming pool along with laundry facilities and 414 parking spaces.
The property is located near Interstate 95, in the eastern part of Chattanooga, about midway between Nashville, Tenn., and Atlanta. Graycliff Capital acquired the property from the Burlington Capital Group for $25.5 million in November 2016, according to Yardi Matrix. Dominion reportedly plans to rebrand the community as “Scenic Ridge” apartments.
The Chattanooga multifamily market has been active in recent months. Hamilton Zanze made its first acquisition in the city in March by picking up Bluebird Row Apartments, a 238-unit community, for an undisclosed price. The property is located at 1348 Passenger St. and completed last year by LIV Development.
In April, StoneRiver Co. secured $27.4 million to acquire and renovate Rise at Signal Mountain, a 280-unit multifamily community in the city. Hunt Real Estate Capital provided the bridge loan.