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Near Downtown, Atlanta Multifamily Market Wins Capital

ATLANTA—“A major challenge with this deal was the loan needed to close in 45 days and an extension was not an option.”

By Jennifer LeClaire | jenniferleclaire | | Updated on July 06, 2016

ATLANTA—Broadway at East Atlanta just secured an $11.3 million acquisition loan. Hunt Mortgage Group provided the Fannie Mae loan against the multifamily asset in Atlanta. The transaction is structured for a 7/6 ARM term with lockout for one year. The deal has a 1% yield maintenance after that period and 30-year amortization. “The borrower is a seasoned commercial real estate and multifamily investor and developer,” Charlie Cole , director at Hunt, tells GlobeSt.com.  “Broadway at East Atlanta was recently renovated and is in good condition.” Broadway at East Atlanta is a garden-style multifamily complex with 22, two-story buildings and 176 units. The multifamily buildings were developed in 1967 with 164,920 square feet of rentable space. Constructed in 1967, the multifamily property was renovated in 2014 and 2015. A regional commercial real estate owner acquired the multifamily asset. “A major challenge with this deal was the loan needed to close in 45 days and an extension was not an option,” says Cole. “We met the deadline and closed on time.” Broadway at East Atlanta offers 291 open parking spaces and is currently 100% occupied. Multifamily property amenities include a fitness center, outdoor pool, and playground. The multifamily property is located in DeKalb County, seven miles from Downtown Atlanta, and 14 miles from Hartsfield-Jackson Atlanta International Airport. The surrounding area is primarily residential and is well located near stores, restaurants, schools and a major interstate. Nearby, Related is betting big on multifamily . Located at West Peachtree and 14th Street, the 39-story multifamily project will become the tallest residential tower built in Atlanta since 2009.

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