JLL Capital Markets has arranged $17.2 million in refinancing for Arbor Ridge, a 212-unit community in Athens, Ga. Directors Jesse Wright and Ware Shipman worked on behalf of Asia Capital Real Estate to secure the 10-year, floating-rate loan through Freddie Mac. Last month, Wright arranged $24 million in refinancing for a 188-unit community in Clearwater, Fla.
Built in 1969, Arbor Ridge comprises one-, two- and three-bedroom units, with energy-efficient windows and private balconies. Common-area amenities include a swimming pool, fitness center, pet park, clubhouse and laundry facilities. Asia Capital acquired the property in 2018 and invested in a capital improvements plan. According to Yardi Matrix, The Walden Group sold the asset for $16.5 million. The sale was subject to a $9.2 million loan, secured by NorthMarq Capital.
Located on a 12-acre site at 150 Chateau Terrace, the 12-building property is within 4 miles of University of Georgia and 2 miles of St. Mary’s Health System. The surrounding area has several retail and dining options, including Alps Village commercial center, which is 1.5 miles from Arbor Ridge.