GA Community Lands $47M Refinancing
- Apr 08, 2019
A 977-unit gated community owned by Emerald Equity Group in Stone Mountain, Ga., has received $47 million in refinance funding. Arbor Realty Trust extended the 12-year fixed rate loan with six years of interest-only payments.
The multifamily property, 13Ten Apartment Homes, was built in 1988 and is undergoing renovation this year. The property located at 1310 Woodbend Drive comprises villas, lofts and townhomes featuring private balconies, wood-burning fireplaces and breakfast bars.
Amenities of the community near Stone Mountain Park include a lake and gazebo with fishing pier, in addition to indoor and outdoor pools, a dog park and car-care center. The property is currently 88.4 percent occupied, according to Yardi Matrix data.
Emerald Equity Group, a New York-based multifamily real estate investor helmed by Isaac Kassirer, bought the community from Electra America for $38 million in April 2017. Electra America acquired the asset from Fogelman Properties in 2009.
“We originated this property as a bridge loan in 2017, and are now finishing the job via a cash-out refinance with competitive terms and interest rates,” commented Stephen York of Arbor Realty Trust’s New York City office in a prepared statement.
Last month, Arbor Realty Trust provided a $26 million bridge loan to support the purchase and redevelopment of a 587-unit garden-style community in Houston.