According to Greg Engler, a partner in Chicago-based Moran & Co., LeCraw paid a $1-million prepayment penalty rather than pay off the loan over time, bringing the total price to $17.1 million or approximately $96,000 per unit. Paying off the loan over time was seen as a hindrance to conversion, Engler said in a printed statement. The Alpharetta, GA-based office of Moran represented the seller.
Lenox Villa is a class A complex, constructed in 1989 by Atlanta-based Calibre Properties. Apartments average 997 sf.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
