ALPHARETTA, GA—Mesa West Capital has provided $110 million in first mortgage debt for the off-market acquisition and stabilization of a recently completed 560-unit apartment community in Alpharetta, GA, by a joint venture of KKR and Carter-Haston.
The five-year, floating rate loan is secured by Juncture, a class A garden-style multifamily community located at 910 Deerfield Crossings Drive. The phased development was completed in October 2017 to meet the on-going demand for quality rental housing, as numerous high-paying jobs have been created by the many healthcare and technology companies locating in Forsythe County.
“Juncture is one of the highest quality assets in Alpharetta, a submarket which has benefited from job and population growth, in part due to the successful Avalon high-end lifestyle development,” says Mesa West Capital principal Ronnie Gul who led the Los Angeles-based origination team, which included associate Seth Hall. “Stringent entitlement requirements have created a high barrier to entry, which limits overall supply in the submarket.”
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