Robert Lachappelle, left, and Ann Cone, of CBRE, arranged the financing package
ATLANTA, GA—CBRE Capital Markets' Debt & Structured Finance team, in collaboration with its Federal Housing Administration lending platform, has arranged $36.3 million in construction and permanent financing for the multifamily development of Noble Vines at Braselton, a class A community consisting of 248 market-rate units in Braselton, GA.
The loan is being funded through the US Department of Housing and Urban Development's Section 221(d)(4) new construction mortgage insurance program, providing an interest-only construction period of 18 months with a 40-year, non-recourse and fully amortizing permanent loan.
Robert Lachapelle of CBRE's Atlanta office, and Ann Cone of CBRE's FHA lending platform, arranged the 40-year, 100 percent non-recourse, fixed-rate loan on behalf of the borrower, CC NVB. The development is a joint venture between The Ardent Companies and Claret Communities of Atlanta, GA.
“This project is located in a highly desirable area with a number of retail and complimentary developments within walking distance,” says Cone. “The future residents of Noble Vines at Braselton will enjoy state of the art amenities. Ardent Companies and Claret Communities, working with Pucciano & English Architects, have done an outstanding job designing the project to meet the needs of the community.”
The project will be located at Sprout Springs Road and Thompson Mill Road in Braselton, GA. Noble Vines will feature 10 three-story garden style, walk up apartment buildings totaling 248 units. Additionally, the project will feature a clubhouse/leasing office, and five parking structures with six garages each. Site amenities include a trash compactor, a carwash area, fitness center, swimming pool and a bark park. The property's unit mix is comprised 84 one-bedroom units,126 two-bedroom units, and 38 three-bedroom units.
“We are very excited to capitalize on one of the only remaining multifamily sites in this growth corridor,” says Lee Terry of Claret Communities. “There is a definite need for class A living space in this market and we look forward to being able to provide an amenity rich community to our future residents.”
CBRE is a fully-integrated, direct FHA lender offering a full array of FHA-insured financing for both multifamily and healthcare assets.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
