GA Community Lands $48M in Refinancing
- Jan 08, 2018
Overlook at Gwinnett Stadium, a 410-unit, Class A apartment community has received $47.5 million in refinancing. CBRE’s Debt & Structured Finance team secured the funds through CBRE’s FHA lending platform. The 35-year, fully-amortized, fixed-rate non-recourse loan was provided through HUD’s Section 223(f) Program. The beneficiary, MSP-KB Overlook LLC is managed by Middle Street Partners.
Overlook at Gwinnett Stadium, constructed in 2010, rests on approximately 35 acres at 1600 Overlook Park Lane in Lawrenceville, Ga. It comprises 205 one-bedroom, 183 two-bedroom and 22 three-bedroom units, which range in size from 796 to 1,401 square feet. The community includes five accessory buildings and 770 parking spaces. Common amenities available to residents include controlled access, a fitness center, business center, clubhouse, playground, swimming pool and laundry facilities.
Residents of Overlook have immediate access to the Coolray Field baseball stadium, via a private walkway. Supermarkets and restaurants are nearby, on Old Peachtree Road N.E., and several schools are within walking distance. Downtown Lawrenceville is about seven miles from the property. Several large employers are situated in the locality, such as Cisco Systems, the Gwinnett Medical Center or Georgia Gwinnett College.
“We are thrilled to have completed this transaction, which secured long-term financing at a historically low rate. The refinance helped achieve a key component of our overall strategy for Overlook. We sincerely appreciate First Communities Management and CBRE in assisting throughout the entire process,” said Thomas Wagoner, CFO at Middle Street Partners, in a prepared statement.
Executive Vice President Monica Newman together with Vice Chairman Steve Heffner, of CBRE’s Debt and Structured Finance team, worked to secure the funds on behalf of Middle Street. Newman recently secured another federal loan in South Carolina for an apartment community.
Image courtesy of CBRE