Owners of the 30-year-old, 241-unit, 91%-leased garden-style complex, 75 miles southeast of Downtown Atlanta, plan to use the funds to pay off existing debt, return a portion of its equity and pay all closing costs on the 10-year-loan deal. Average asking rent at the 18 two-story and three-story buildings, comprising 283,848 sf, is $540 per month.
The loan will be amortized on a 30-year schedule. Collateral underwrote the loan with a loan to value of 79.14%. The loan was funded through Fannie Mae's Delegated Underwriting and Servicing product line.
Collaterial is one of 26 Fannie Mae DUS lenders. The Alabama mortgage banking firm has a servicing portfolio of $4 billion through satellite offices in Atlanta, Columbus, OH, Kansas City, Milwaukee, Minneapolis, Orlando and St. Augustine, FL.
Continue Reading for Free
Register and gain access to:
- 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
© 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.
