Midcap Financial Secures Refi for Georgia Lofts
- Nov 17, 2016
by Evelina Croitoru
Macon,Ga—Midcap Financial, a commercial finance company focusing on the middle market, has announced that it has closed a $6.4 million transaction to refinance The Dannenberg Lofts in Macon, Ga. The company provided a first-mortgage, floating-rate loan with a term of up to five years on behalf of the owner, Gene Dunwody Sr.
Located at 476 3rd St., the 64-unit Class A apartment community built in 1890 features 13,000 square feet of ground-floor retail space. The Dannenberg Lofts offer a fitness center, swimming pool, community laundry room and a parking garage, among other amenities. The property operated as The Dannenberg Department Store until 1965. Dunwody Sr. purchased the asset back in 2012, and after revamping the property, started leasing it in 2013, converting the building to multifamily.
Chad Plumly, vice president of Bellwether Enterprise arranged the financing. Proceeds were used to recapitalize the original financing, which included grant funds that were returned to the City of Macon for use on other projects.
Image courtesy of Yardi Matrix