TODAY’S DEALS: Grandbridge Keeping Busy in Atlanta
Grandbridge closes a quintuplet of loans in Georgia, and a property draws 10 offers in two weeks.
Atlanta—Grandbridge Real Estate Capital has closed four loans in the Atlanta metro that total $44.4 million. Two permanent acquisition loans of $17.8 million and $9.2 million were secured by Sweetwater Creek Apartments and Mableton Reserve.
Satlwater Creek was built in 2002, and features 240 units located in Lithia Springs, Ga. Mableton Reserve was built in 1973 and is composed of 348-units located in Mableton, Ga.
The acquisition loans were originated by Atlanta-based Senior Vice President Alan Tapie and Assistant Vice President Thomas Wiedeman. Funding for the permanent loans was provided through Grandbridge’s Freddie Mac Program Plus execution and both featured 10-year terms, 30-year amortizations, partial interest-only and adjustable interest rates below three percent.
Grandbridge also placed permanent loans totaling $17.5 million for the refinance of Marquis Parc in Clarkson, Ga., and Marquis Forest in Decatur, Ga., with a CMBS lender. Both those properties are owned by Marquis Investments.
Property draws 10 offers in two weeks
Los Angeles—A 26-unit multifamily property in the West Los Angeles community of Palms has sold for $8.3 million after 10 bids were received in the space of just two weeks, according to Warren Berzack, principal of Lee & Associates-LA North/Ventura’s multifamily specialty group, Berzack Investment Property Advisors.
Berzack represented the buyer and seller in the transaction with Lee Principal Stephen Geiger.
“Obviously this is a very active time in the multifamily market, but in addition to the high demand, this asset also had some compelling features,” Berzack said. “There is tremendous upside in the rental rates, the property has been well-maintained and professionally managed, and the location is excellent.”
The property is located at 10770 Lawler St. in a residential neighborhood of Los Angeles with easy access to the San Diego (405) and Santa Monica (10) freeways and several bustling commercial corridors minutes away.
The seller, Veranda Investments LLC, and buyer Lawler Partners Ltd. LLC, are both private investors.
