Central GA Community Lands $20M Refi

NorthMarq Capital originated the 10-year Freddie Mac loan, which retires two previous mortgages totaling $18.9 million which were set to mature this year.
Lenox Pointe Apartments in Warner Robbins, Ga.

The owner of Lenox Pointe Apartments, a 288-unit community in Warner Robbins, Ga., has landed a refinancing package of $20.5 million. Originated by NorthMarq Capital, the 10-year Freddie Mac loan has an amortization schedule of 30 years. Earlier this year, NorthMarq refinanced a multifamily asset in central Pennsylvania.

The mortgage retires $18.9 million of existing debt on the property, according to Yardi Matrix. The first, a $14.1 million Freddie Mac loan, was issued in February 2011. The second, a $4.8 million loan held by Branch Banking & Trust Co., was funded in July 2011. Both prior mortgages were set to mature in 2018.

Located at 2006 Karl Drive in the West Warner Robbins submarket, the community’s 30 two- and three-story buildings were built in three phases between 2005 and 2011. The property offers a mix of one- to two-bedroom units, ranging in size from 733 to 1,540 square feet. On-site amenities include a swimming pool, a fitness center, laundry facilities, a playground and 558 parking spaces.

Image courtesy of Yardi Matrix