Grandbridge Real Estate Capital has secured a $25.4 million non-recourse Freddie Mac refinancing package for Sage Equities’ Capella Apartments, a 320-unit Atlanta-area apartment community. The 10-year, variable interest rate mortgage is structured with an initial interest-only period and 30-year amortization. The deal refinances an earlier $19.2 million CMBS acquisition loan which Grandbridge also closed, according to Yardi Matrix.
Sage acquired the asset from Aspen Square Management in 2016 for $26.6 million. Aspen picked up the buildings for $13.2 million in 2004 after the previous owner, Presidential Realty, declared bankruptcy.
Located at 6168 S. Norcross Tucker Road in Tucker, Ga., the property’s 23 two-story buildings sit on a 33.3-acre parcel about a mile and a half south of Interstate 85. The community was 91.6 percent occupied as of February, according to Yardi Matrix data. The asset includes a mix of one- and two-bedroom apartments, containing between 600 and 1,365 square feet. On-site amenities include a swimming pool, fitness center and volleyball court.
“The refinance allows the sponsors to recapitalize their investment, while also enabling them to enter into Freddie Mac’s Green Advantage program for specific upgrades that will create efficiencies with energy and water consumption at the property,” Grandbridge Senior Vice President Alan Tapie said, in a prepared statement.
Image courtesy of Yardi Matrix