Suburban Atlanta Property Receives $20M Financing
- Jan 08, 2019
Pembrook Capital Management has provided $20.1 million for the acquisition of Shannon Lake Apartments, an affordable community in Union City, Ga., southwest of Atlanta. The financing package consists of a first mortgage bridge loan of $13.6 million and $6.5 million in preferred equity. According to Yardi Matrix data, Alden Torch Financial is the former owner of the 294-unit community.
Located at 6770 Buffington Road, Shannon Lake is within a 12-minute drive of the junction between interstates 85 and 285. Built in 1988, the property consists of 32 buildings that offer a mix of one-, two- and three-bedroom units. Amenities include:
- a fitness center
- tennis court
- swimming pool
- 600 parking spaces
The transaction enables the sponsor, a regional multifamily investor, to preserve low-income housing tax credit income restrictions for all units. Shannon Lakes caters to tenants earning no more than 60 percent of 30 percent of the area’s median income. As part of the loan facility, Pembrook intends to finance interior and exterior improvements to the property.
“Preserving affordable housing is vital to the future of our communities and given the drastic shortage of such housing throughout the U.S., affordable housing lending represents a low risk approach to real estate lending,” said Pembrook CEO Stuart Boesky, in a prepared statement.
Image courtesy of Yardi Matrix