INVESTMENT: Engler Financial Markets Mortgage Note Secured by Townhome Property in Georgia
- Mar 10, 2010
McDonough, Ga.–Engler Financial Group has been retained exclusively to market for sale the multifamily mortgage loan collateralized by the 232-unit Oxford Creek.
Oxford Creek is a Class A townhouse apartment community located at the northwest corner of McDonough Parkway and Bridges Road in McDonough, Henry County, Ga. As one of the fastest growing counties in Georgia, many top corporations have located facilities in Henry County including Ford Parts and Distribution, Nestle’ USA and BellSouth Services. The submarket is also close to Hartsfield-Jackson International Airport.
A deed in lieu of foreclosure for the asset has been executed. And a fully executed limited warranty deed has been placed in escrow. At the point in time when the buyer closes on the sale of the loan from the seller, it is expected that the deed and other transfer documents will be released from escrow and fee title to the property will simultaneously be deeded to the buyer of the loan.
Oxford Creek consists of two-story townhouses with private direct-unit entrances. The two-story townhouse design of the property’s units gives the community a more single family appearance unlike other garden apartment properties, says Engler Financial. The community’s townhouse units have been well received in the submarket as evidenced by the strong occupancy trend at the property, the company adds.