ATLANTA-A $33.3-million financing transaction has helped the owner of Bryson Square at City Park Apartments recapture half of the equity invested in the 453-unit property. A pension fund acquired the apartment complex in February in an all-cash deal.

"Sometimes an owner will pay all cash so deal can go through quickly," a spokesperson for CharterMac Mortgage Capital, which provided the financing, tells GlobeSt.com. The loan was funded through Fannie Mae and carries a 5.65% interest rate with a 10-year, interest-only term.

Located at 225 26th St. NW, Bryson Square is a class A property constructed in 2005 and comprised of eight four- and five-story buildings, a clubhouse with business center, exercise facility, pool, spa and grilling areas. The complex contains efficiencies to three-bedrooms units ranging in size from 560 to 1,800 sf with rents starting at $950. Farmington Hills, MI-based Village Green Cos. manages the property.

CharterMac is active in the Atlanta market and is hoping to do more deals, particularly in the Midtown section of Atlanta where Bryson Square is located. The area is rising in popularity with residents who have become increasingly disgruntled with traffic congestion, according to the company. "After struggling for years, Atlanta's economy is finally bouncing back and the city is taking a major interest in urban living," says Dori Castagno, vice president with CharterMac Mortgage's Chicago office, in a prepared statement. "We see evidence of this in the proposed 23-mile loop of parks encircling Downtown known as the Beltline and the new Atlantic Station community, both of which are in close proximity to Bryson Square."