Greystone Provides $29.5 Million Bridge Loan for Atlanta Multifamily Acquisition
Greystone Brown Real Estate Advisors Handles $36.3 Million Sale of Marietta Asset
Greystone provided a $29.5 million bridge loan for the acquisition of a multifamily community in Marietta, GA. The loan was originated by Keith Hires and Carter King of Greystone on behalf of the buyer and borrower Western Wealth Capital. The $36.5 million sale of the property was closed by Greystone Brown Real Estate Advisors.
BelAire Apartments is a 188-unit garden-style rental community located on Powder Springs Street in Cobb County. The property comprises 20 two-story buildings constructed in 1985, and features shared amenities such as a business center; swimming pool; fitness center; dog park; outdoor grilling and fireplace spaces; and laundry facility. The buyer plans to renovate the property during the term of the bridge loan and pursue a permanent exit with a Fannie Mae loan.
“BelAire fits perfectly in our portfolio growth plan with a focus on well-located suburban value-add assets,” said Len Bravo, Director of Acquisition & Asset Management, Western Wealth Capital. “Greystone Brown and Greystone together certainly proved their expertise in the Atlanta investment sales market and the lending landscape for this transaction.”
“We are thrilled to have helped WWC grow their portfolio, take advantage of the acquisition financing options Greystone has on offer, and pursue permanent financing in order to set up the asset for long-term success,” said Mr. Hires.