Suburban Atlanta Community Scores $26M Refi
- Nov 04, 2019
Crown Holdings Group’s multifamily affiliate Marquis Investments has received a $25.5 Fannie Mae DUS loan to refinance Woodgate Apartments, a 257-unit community in Atlanta suburb Chamblee, Ga. Greystone provided the 10-year loan that has a 30-year amortization period at a 3.39 percent fixed rate. Part of the refinancing retires a $17 million acquisition loan also originated by Greystone late in 2017, when Marquis Investments purchased the asset for $20.7 million.
Woodgate Apartments sits on 13.3 acres at 3248 Chamblee Dunwoody Road, roughly 14 miles northeast of downtown Atlanta. The property is near Buford Highway, 1.5 miles southwest of Interstate 285 and numerous shops and restaurants. Completed in 1963 and renovated between 2015 and 2018, Woodgate Apartments consists of 30 two-story buildings. The unit mix features one- to three-bedroom apartments, averaging 754 square feet. Amenities include a swimming pool, a playground and more than 500 parking spaces. The property was 99.6 percent occupied as of September, Yardi Matrix data shows.
Greystone Managing Directors Keith Hires and Mark Nelson originated the permanent Green Rewards loan. The new owner intends to further renovate the property as part of the new financing package.