ATLANTA-RPG Glenridge LLC has obtained $63 million in bridge and mezzanine financing for the 480-unit Lexington Glen multifamily property. The multifamily community is at 5501 Glenridge Dr. in Sandy Springs.
Minneapolis-based NorthMarq Capital Inc. assistant vice president Eric Heninger, who is located in the firm's Orlando office, arranged the financing through its relationship with Dallas-based NRF Capital. The financing, based on a three-year term with an interest-only amortization schedule, will cover 92% of both the acquisition and redevelopment costs.
"The loan was structured to maximize the success of the borrower's business, plan, which calls for a complete revitalization of the community," Heninger says. "In addition, the acquisition terms called for a 23-day closing which we were able to accomplish."
Heninger tells GlobeSt.com that the buyer is a Tennessee-based multifamily operator who acquired the property, which was constructed in 1990, as a value-added transaction. "The buyer plans to reposition the property. They'll put a lot of capital improvements into it by upgrading the interiors and approving the curb appeal of the property," he says.
© 2025 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.
