Metro Atlanta Residential Development Refinanced
Cushman & Wakefield Denver’s Equity, Debt & Structured Finance Group has arranged a US $16.26 refinancing loan for Concord Chase Apartments, a 224-unit community development in Smyrna, Georgia owned by Eighteen Capital Group.
Located at 300 Hurt Rd SE, the complex is situated approximately 10 miles northwest of Atlanta and is 30 minutes from the Hartfield-Jackson Atlanta International Airport. The cash-out refinance is in the form of a 10-year floating rate loan with interest only payable for the first five years.
Baxter Fain, executive managing director of Cushman & Wakefield Denver’s Equity, Debt & Structured Finance Group who facilitated the deal with colleague, Christina Grimme, says: “This was an important refinance for the client given all the success they realized after the extensive renovation process.
“The large cash out, interest-only payments and 2.86 per cent interest rate were a perfect execution for the asset.”
Jeffrey Plummer, Eighteen Capital Group managing director, adds: “Operating in a restricted credit environment, the parties involved in this transaction performed admirably.
“We are very pleased to close this refinance, signifying the culmination of a well-executed business plan for our owners.”