A joint venture of KKR and Carter-Haston has secured $110 million in first mortgage debt for the off-market acquisition and stabilization of the recently developed Juncture, a Class A multifamily community in Alpharetta, Ga. Mesa West Capital provided the five-year, floating-rate loan.
“We’ve seen an increase in volume financing pre-stabilized multifamily properties. While the business plan may vary, the common thread is solid real estate located in submarkets that exhibit strong economic fundamentals and quality job growth,” Ronnie Gul, principal at Mesa West Capital, told Multi-Housing News.
Located at 910 Deerfield Crossings Drive, the two-phased Juncture comprises 560 apartments across 16 three-story buildings. Units are offered in one- and two-bedroom floorplans ranging from 765 to 1,353 square feet. Interiors include nine- to 10-foot ceilings, hand-scraped hardwood floors, built-ins, full-size washer/dryers, designer lighting, stainless steel appliances, walk-in closets, granite countertops, energy efficient windows and air conditioning, ceiling fans and private balconies. The pet-friendly community offers residents access to the following amenities:
- entertainment lounge
- Wi-Fi cafe
- serving bar
- TV gallery
- business center
- wellness center
- resort-style swimming pool
- tanning areas
- interactive water features
- grilling areas
- outdoor lounge with fireplace and TV
- relaxation courtyard
- private one-car garages
- controlled access
- outdoor fire pit with entertaining space
- on-site dog park
Gul and Associate Seth Hall led the Los Angeles-based origination team that provided the financing in this deal. Earlier this year, Gul was also part of the team that provided $125 million in short-term first mortgage debt to finance the acquisition and repositioning of four California multifamily properties.
Image courtesy of Mesa West Capital