• (800) 510-2214
  • info@albcommercialcapital.com
  • Cal BRE License #01379610
  • (800) 510-2214
  • info@albcommercialcapital.com
  • Cal BRE License #01379610

615 Units Multifamily

Another Successful Funded Loan

  • $33,475,000
  • 3 Year I/O @ 4.450%
  • Purchase-88% LTV
  • 615 Units
  • Multifamily Property
  • Riverdale, GA

ASSIGNMENT:

Many years ago we started working with an Investor out of Long Beach California and during that time he brought in his son grooming him to take over the bussiness. Most of their buildings were class "c" apartments 5-60 units ,and during the top of the market they sold everything and started buying large assets out of state.  So thankful to have the opportunity to work with this family and  help them grow to a whole different level.

CHALLENGE:

This particular asset would be considered a class-c asset in Atlanta Georgia, and it was a total of 57 buildings located on 48.7 acres  with a total rental square footage of 570,713 square feet. It was like buying a whole neghborhood!  It's not easy finding lenders that can finance loans of this size in Atlanta. Normally this would be a perfect fit for a conventional  Fannie or Freddie type transaction, but at the time the going rates that agencies were offering just wasn't getting us to the leverage we needed.. Additionally, the property required about 3 million in capital improvements. 

 

 

SOLUTION:

Holy Moly!  We ended up with a securitized bridgle loan for 3 yrs of interest only payments and  negotiated to have all cap-ex financed structuring a loan at 88% Loan to cost. This was definitely a brain twister of a deal, and so happy to  be working with these clients as they continue to grow.