The loan was arranged by David Akeman of the Atlanta office of Encino, CA-based Marcus & Millichap Capital Corp. which wouldn't disclose the lender's name. The funds have an 80% loan-to-value ratio and a 5.75% variable interest rate with a five-year term and a 25-year amortization.
Summit Creek is 92% leased. The current average rental rate in the complex is $549.62 per apartment unit. Austell is northwest of Atlanta and southwest of Marietta, GA off GA 70 and near I 20.
Over the past year, MMCC has brokered $400 million of commercial real estate financing for apartments, shopping centers, office buildings, industrial properties, senior housing and hotels and motels, the company says in a prepared statement.
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